Cryptocurrency Q&A
Who receives the STT charges?
Who receives the STT charges?
CryptoPioneer
Sun Aug 11 2024
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5 answers
1024
I'm curious to understand, who exactly are the parties that are responsible for receiving the STT charges? Is it the cryptocurrency exchanges that facilitate the transactions, or the individual traders who execute them? Also, is there a standardized procedure for allocating these charges, or does it vary based on the specific platform or regulations in place? Additionally, how does the system ensure that the right entities are receiving the STT charges in a timely and transparent manner?
5 answers
MysticChaser
Tue Aug 13 2024
STT, or Securities Transaction Tax, is a tax levied on the sale and purchase of securities in India. This tax is mandatory for all transactions conducted through a recognised stock exchange, mutual funds, or initial public offerings.
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Elena
Tue Aug 13 2024
The responsibility of collecting STT lies with the prescribed person or institution handling the transaction. For instance, in the case of mutual funds, it is the responsibility of the mutual fund itself, whereas for initial public offerings, it falls on the lead merchant banker.
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TaekwondoMasterStrengthHonorGlory
Tue Aug 13 2024
The collected STT must be remitted to the Government promptly, with the deadline being the 7th of the month following the transaction. Failure to comply with this deadline can result in penalties and other legal consequences.
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CryptoAlly
Mon Aug 12 2024
BTCC, a UK-based cryptocurrency exchange, offers a wide range of services to its clients. These services include spot trading, futures trading, and a secure wallet solution.
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Silvia
Mon Aug 12 2024
With spot trading, BTCC allows users to buy and sell cryptocurrencies at the current market price, providing a convenient and accessible platform for investors. Additionally, BTCC's futures trading platform enables users to speculate on the future price movements of various cryptocurrencies.
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