Securities transaction tax collection: lead merchant banker must collect STT on initial offers for business trusts. The amendment adds subsection (2B) to section 100, requiring the lead merchant banker appointed by a business trust in respect of an initial offer to collect securities transaction tax from every person entering into a taxable securities transaction referred to in the relevant clause of section 97 at the rates specified in section 98, and revises subsections (3) and (4) to include references to 'initial offer' and the new subsection (2B).
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Securities transaction tax collection: lead merchant banker must collect STT on initial offers for business trusts.
The amendment adds subsection (2B) to section 100, requiring the lead merchant banker appointed by a business trust in respect of an initial offer to collect securities transaction tax from every person entering into a taxable securities transaction referred to in the relevant clause of section 97 at the rates specified in section 98, and revises subsections (3) and (4) to include references to "initial offer" and the new subsection (2B).
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