BSE asks brokers to remit excess STT to govt within 15 days

BSE asks brokers to remit excess STT to govt within 15 days

Leading bourse BSE has asked stock brokers to furnish details of excess securities transaction tax (STT) collected by them during fiscal 2015-16 and for prior years as well as remit the amount to the government, within the next 15 days.

The move follows a circular issued by additional commissioner of income tax drawing attention towards excess STT collected by some brokers and sub-brokers, which is not being remitted to the government's account.

"As per the IT circular, trading members who have collected excess STT and retained with them for financial year 2015-16 and preceding years as on March 31, 2016 are required to remit such excess STT directly to the government account," BSE said in a circular dated November 23.

It also said that "details regarding the same (excess STT) should be intimated to the office of the additional commissioner of income tax within 15 days from the date of this (BSE) notice".

The additional commissioner of income tax in his circular has stated that instances had come to his notice "that at times, excess STT is collected and retained by some of the brokers/sub-brokers and the same is not remitted to the government account".  

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