More than double the revenue through STT

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MUMBAI: Securities Transactions Tax (STT) revenue more than doubled on an annual basis in the June quarter on the back of a surge in retail investor sentiment following a rally in the stock market. The revenue department has collected Rs 216 crore as STT till June 15, as against Rs 206 crore in the June quarter last year.

In the current financial year's budget, the government had set a target of Rs 15,000 crore through STT, but this has been reduced to Rs 15,000 crore. Given the current trend, revenue could be higher than the target, an analyst said.

In delivery-based equity trading, the STT rate is 0.10 per cent, while in intraday trading it is 0.06 per cent. Similarly, STT is levied between 0.01 and 0.05 per cent in derivatives trade.

In April, the average daily turnover in the stock market in the cash segment was Rs 3 crore, which was 3 per cent higher than in March. In May, the average daily turnover rose by 15 per cent to Rs 30 crore.

Derivatives also saw an increase in stock futures and options, stock market sources said. However, new margin norms are having an impact on volumes, which is likely to lead to a decline in STTs.

In the financial year 2021, the revenue through STT was Rs 1191 crore. The country's stock markets have risen sharply since the Corona outbreak and investor participation has also increased.

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