Cryptocurrency Q&A
Who introduced STT?
Who introduced STT?
MysticStar
Sat Aug 10 2024
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5 answers
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Can you elaborate on the origins of STT and who was the individual or organization responsible for its introduction? I'm curious to know if it was a well-known figure in the cryptocurrency or finance industry, or perhaps a lesser-known entity that has since gained recognition due to STT's success. Understanding the background of STT's introduction can offer valuable insights into its potential and future prospects.
5 answers
EnchantedDreams
Mon Aug 12 2024
For years, brokers and the trading community voiced their concerns over the STT, arguing that it was an additional burden on their transactions. Their protests eventually led to a review of the tax rates by the government.
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Giuseppe
Mon Aug 12 2024
In the 2013 budget, the Indian government decided to reduce the STT for delivery-based equity trading. This move was seen as a relief for traders and investors, who had been advocating for a reduction in the tax rates for quite some time.
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NebulaSoul
Mon Aug 12 2024
The revised STT for delivery-based equity trading stands at 0.1% of the turnover. This means that for every trade executed, a small percentage of the transaction value is charged as tax.
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Bianca
Mon Aug 12 2024
STT, or Securities Transaction Tax, was first introduced in 2004 by India's Finance Minister, P. Chidambaram. The primary objective of this tax was to curb the evasion of capital gains tax by traders and investors in the securities market.
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CryptoNinja
Mon Aug 12 2024
While the reduction in STT was welcomed by the trading community, it is important to note that the tax still applies to other types of securities transactions, such as intraday trading and derivative trading.
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