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Stock boom a boon to the Exchequer
Special Correspondent
NEW DELHI:
Service tax on brokerage houses and the securities transaction tax (STT) are likely to yield Rs. 2,800 crore to the government this fiscal, if the capital market maintains the strong momentum, according to an analysis carried out by Assocham Eco Pulse.
Aided by further momentum in FII inflow ($8.5 billion so far), the trend of rising Sensex, was likely to result in a service tax mop up of over Rs. 1,000 crore in the current financial year, Assocham President. M. K. Sanghi, said releasing the findings on Monday.
The trend from STT collections of Rs. 770 crore upto August this year, shows that the realisation from this head will easily go up to Rs. 1,800 crore by the end of this fiscal.
He said the government had realised Rs. 679 crore through service tax on brokerage last fiscal.
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