GST duty on Stock-broker services
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Any GST for stock exchange service? Does stock Securities Contracts service fall under exemption list of GST?
The details about GST rate changes for Stock-broker services are being updated here. The notification changes on exemptions for GST for sale of Stock-broker services and other circulars related to GST for Stock-broker services are updated in this website.
Recognised stock exchange has the meaning assigned to it in clause (f) of section 2 of the Securities Contracts (Regulation) Act, 1956 (42 of 1956). (Section 65(90) of Finance Act, 1994 as amended) Securities has the meaning assigned to it in clause (h) of section 2 of the Securities Contracts (Regulation) Act, 1956 (42 of 1956). (Section 65(93) of Finance Act, 1994 as amended) Stock-broker means a person, who has either made an application for registration or is registered as a stock broker, in accordance with the rules and regulations made under the Securities and Exchange Board of India Act, 1992 (15 of 1992). (Section 65(101) of Finance Act, 1994 as amended)
Goods and Service Tax (GST) rate tariff in India is designed in 6 categories of goods and services. Four main GST rate slabs framed with Essential goods and services, Standard goods and services and luxury goods and services with 5%, 12%, 18% and 28% respectively. Commonly used Goods and Services at 5%, Standard Goods and Services fall under 1st slab at 12%, Standard Goods and Services fall under 2nd Slab at 18% and Special category of Goods and Services including luxury - 28%. The most essential goods and services attract nil rate of GST under Exempted Categories. Luxury goods and services and certain specific goods and services attract additional cess than 28% GST.
The categories of services exempted from paying GST is being declared soon by the authorities. You may go through GST exemption list of services and categories once released and confirm, whether business services of your category fall under exempted list of GST.
This post explains about GST impact on Stock-broker services. The information about GST rate changes for stock Securities Contracts service are updated here. The notification changes on exemptions for GST for stock exchange service related to GST are updated in this website soon.
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