BSE asks brokers to remit excess STT to govt

Leading bourse BSE today asked its stock brokers to furnish details of excess securities transaction tax (STT) collected by them during 2013-14 and earlier as well as remit the amount to the government.
The move follows a notice issued by joint commissioner of income tax to draw attention towards excess STT collected by some brokers and sub-brokers, which is not being remitted to the government account.
In a circular, BSE said that details have to be furnished within 15 days, while the "excess amount so collected needs to be remitted to the government account immediately."
"As per instructions of the income tax department, a circular is issued to the member brokers, requesting to furnish details of excess STT collected and retained with them for FY 2013-14 and for preceding years as on March 31, 2014 directly to the address (of income tax office)," BSE said.

"The letters may be captioned as 'Excess STT Retained - BSE'", it added.