Securities transaction tax collection duties shifted to lead merchant banker for initial offers, with monthly remittance obligation. The amendment requires the lead merchant banker appointed by a business trust for an initial offer to collect securities transaction tax from persons entering into specified taxable securities transactions at rates in section 98, and mandates that tax collected in any calendar month be paid to the Central Government by the seventh day of the following month, with recognised stock exchanges generally and the lead merchant banker for initial offers made responsible for remittance.
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Provisions expressly mentioned in the judgment/order text.
Securities transaction tax collection duties shifted to lead merchant banker for initial offers, with monthly remittance obligation.
The amendment requires the lead merchant banker appointed by a business trust for an initial offer to collect securities transaction tax from persons entering into specified taxable securities transactions at rates in section 98, and mandates that tax collected in any calendar month be paid to the Central Government by the seventh day of the following month, with recognised stock exchanges generally and the lead merchant banker for initial offers made responsible for remittance.
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