Finance Bill proposes to raise STT on selling options to 0.0625 pc from 0.05 pc

The finance ministry on Friday clarified that the securities transaction tax on selling options in the derivatives market will be increased to 0.0625 per cent from 0.05 per cent.

There was a typographical error in the amendments to the Finance Bill 2023 which was approved by the Lok Sabha earlier in the day.

In the bill, it was mentioned that Securities Transaction Tax (STT) will be raised from 0.017 per cent to 0.021 per cent.

''In case of STT, the rate is proposed to be changed from 0.05 per cent to 0.0625 per cent. There was a typographical error which is being corrected,'' the finance ministry said in a statement.

The rectification will be done in accordance with the extent procedure of the Government of India, it added.