Bombay High Court asks CBDT to clear ambiguity over STT on physical settlement in F&O

Mumbai: The Bombay High Court on Thursday asked the Central Board of Direct Taxes (CBDT) to clear the ambiguity over the securities transactions tax (STT) rate on physical delivery of shares in the equity derivatives segment.

A division bench of Justices B R Gavai and M S Karnik was hearing a petition filed by the Association of National Exchanges Members of India (ANMI) against a July 17 circular issued by the National Stock Exchange (NSE). The circular directed the members in the equity derivatives segment to collect the STT on physical settlement of stock derivatives at the rate of 0.10 per cent with effect from July 26.

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