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How are trading fees divided between government taxes and brokerage?
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Trading activity picked up again on the stock markets. The number of new demat accounts hit a 13-month high in June after 2.36 million new accounts were opened last month, bringing the total to 120.5 million. This renewed interest from investors comes on the heels of an acceleration in stock markets, which have reached new highs.
Apart from brokerage houses, the government also benefits when stock markets attract wide interest from investors and traders.
According to Fisdom estimates, the central government should collect approximately 25,113 crores in Securities Transaction Tax (STT) in FY23 alone.
Brokerage is estimated at 29,000 crore and a foreign exchange transaction fee of 10,334 crore. The Goods and Services Tax (GST), which is 18% for financial services, is estimated at 4,776 crores.
The majority of STT collections come from the futures and options (F&O) segment, which accounts for a large portion of trading volumes.
If trading volumes remain as they were in FY23, STT collections might even be higher in FY24 as the government has increased STT fees.
The government increased the STT charged on options from 0.05% to 0.0625%. Previously, STT on turnover of 1 crore was 5,000. After the overhaul, this increased by 25% to 6,250.
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The STT on futures was raised from 0.01% to 0.0125%. It was earlier 1,000 on a turnover of 1 crore, which was increased by 25% to 1,250.
Depository Participant (DP) fees, estimated from trading activity on the National Stock Exchange (NSE) for FY23, are 2,840 crores.
DP fees are what brokerages must pay to National Securities Depository (NSDL) or Central Depository Services (CDSL) depositories where investors’ securities are held.
Sources 2/ https://www.livemint.com/money/personal-finance/surge-in-trading-activity-boosts-government-revenue-stt-collections-estimated-to-reach-25-113-crore-in-fy23-11689526585463.html The mention sources can contact us to remove/changing this article |
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