Earlier this month, the GST Council recommended withdrawing the exemption granted to services by Sebi. The same was notified on July 13. Market infrastructure institutions include stock exchanges, clearing corporations, and depositories
Market infrastructure institutions and persons dealing in the securities market, including stock exchanges, will now have to pay 18 percent goods and services (GST) tax on the Securities and Exchange Board of India (SEBI) fee and other charges.
In a circular, SEBI said the new tax rate was being implemented from Monday.
It said the charge would be applicable to all market infrastructure institutions, companies who have listed/are intending to list their securities, other intermediaries, and persons who are dealing in the securities market.
Market infrastructure institutions include stock exchanges, clearing corporations, and depositories.
Earlier this month, the GST Council recommended withdrawing the exemption granted to services by the SEBI and the same was notified on July 13.
Data by the Finance Ministry show that in the financial year 2022 the centre collected a gross GST of Rs 14,83,291 crore.
In response to a question in the Lok Sabha, FinMin stated that the government had implemented several GST amendments based on the suggestions of the GST Council.
These are structural adjustments like trimming exemptions and adjusting GST rates to fix the inverted duty structure. Aadhaar authentication for registration, mandated e-way bills, ITC matching, mandated e-invoices, deployment of artificial intelligence and machine-based analytics, calibrated action against non-filers, stop filers, targeted assessment-based action against the risky taxpayer, integration of e-way bills with fast tags, etc., are additional measures for enhancing tax compliance.
(With inputs from PTI)
(Edited by : Nishtha Pandey)
First Published: IST