Securities transaction tax likely to be replaced

Securities transaction tax likely to be replaced
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First Published: Mon, Jun 08 2009. 11 03 PM IST
Updated: Mon, Jun 08 2009. 11 03 PM IST
New Delhi: The government may do away with securities transaction tax (STT) in the budget for 2009-10 (April-March), a senior government official said.
“Institutions like Securities and Exchange Board of India, and economists in their pre-budget meeting have strongly pitched for the removal of STT as it is a distortionary tax,” the official said. However, the tax could be replaced by some non-distortionary tax, the official added.
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First Published: Mon, Jun 08 2009. 11 03 PM IST