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	The banking cash transaction tax (BCTT) is a type of direct tax levied on withdrawal of cash more than a specified limit from bank. It was first levied in 2005 and then rolled back in 2009. The limit is decided by the government. There have been talks of restoring BCTT and the argument in its favour is that BCTT will promote digital transactions and revenue generation for the government.</div>
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	When BCTT was introduced in 2005 by the United Progressive Alliance (UPA) government of the time under the Finance Act, 2005, the rate of tax was set at 0.1 per cent. However, BCTT was not applicable in the state of Jammu and Kashmir. In the UPA-I era, BCTT helped the government trace tax evasion and frauds. The same can be true for the incumbent government if it decides to levy this tax. The flip side, however, is that any such tax adds to the burden of the customer and may receive a backlash.</div>

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What is Banking cash transaction tax (BCTT), Banking cash transaction tax (BCTT) Definition, BCTT News

Banking cash transaction tax (BCTT)

What is Banking cash transaction tax (BCTT)

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	The Goods and Services Tax (GST) is a uniform indirect tax levied on goods and services across the country. GST, as an umbrella tax, replaced central taxes like central excise, service tax, additional duties of excise &amp; customs, special additional duty of customs, besides cesses and surcharges, on supply of goods and services.</div>
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	<strong>Central GST and State GST</strong></div>
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	CGST is levied on intrastate supplies by the central government and SGST is levied on intrastate supplies by respective state governments.&nbsp;</div>
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	<strong>Integrated GST</strong></div>
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	IGST is levied on interstate supplies by the Centre (equal to CGST + SGST combined on supplies made within the state).</div>
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	Any supply of goods or services or both on interstate basis typically attracts IGST on the consideration thereof.</div>
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	<strong>Key features of GST</strong></div>
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	* GST envisages all transactions and processes to be done only through the electronic mode, to achieve a non-intrusive administration. This minimises the taxpayer&#39;s physical interaction with tax officials.</div>
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	* GST provides for the facility of auto-populated monthly returns and annual return.</div>
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	* It also facilitates taxpayers by prescribing grant of refund within 60 days, and provisional release of 90 per cent refund to exporters within 7 days.</div>
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	* Further facilitation measures include interest payment if refund is not sanctioned in time, and refund to be directly credited to bank accounts.</div>
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	* Comprehensive transitional provisions for ensuring smooth transition of existing taxpayers to GST regime, credit for available stocks, etc.</div>
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	* Other provisions include system of GST compliance rating, etc.</div>
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	* Anti-profiteering provisions for protection of consumer rights: Any benefit by way of reduction in rate of tax or increase in input tax credit arising due to introduction of GST are passed on to customers (through reduction in sale price) by way of commensurate reduction in prices.&nbsp;</div>
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	* Under the GST regime, exports are zero-rated in entirety, unlike the earlier system where refund of some of the taxes did not take place due to fragmented nature of indirect taxes between the Centre and states.</div>
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	* GST is largely technology-driven and reduces the human interface to a great extent</div>
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	* GST is believed to have improved ease of doing business in India.</div>
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What is Goods and Services Tax, GST Meaning, GST Definition, Goods and Services Tax News

Goods and Services Tax

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	Capital gains mean the profit earned by an individual on the sale of his investment in assets such as stocks, real estate, bonds, commodities, etc. Basically, it is the &#39;gain&#39; made on &#39;capital investment&#39;. In some tax jurisdictions &mdash; a country, state or city &mdash; capital gains are taxed if an individual sells an asset after holding it for a certain &#39;long&#39; period. This period is often twelve months. However, it could also be defined differently for various assets.&nbsp;</div>
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	In India, &#39;long-term&#39; and &#39;short-term&#39; are defined by the Income Tax Act, 1961. While a holding period of one year is considered &#39;long-term&#39; for equities, the same is two years for real estate.&nbsp;</div>
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	The Union Budget 2018 proposed to levy long-term capital gains tax (LTCG) of 10 per cent on gains exceeding Rs 100,000 from sale of equity shares. However, no change was made in the definition of short-term capital gains tax (STCG).</div>
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	LTCG on sale of shares / stocks was removed in 2005, making India one of the most liberal stock market regimes. However, there were demands from a section of stakeholders that the LTCG tax on equities be brought back. The BSE had reportedly told the government that the revenue forgone on the LTCG tax exemption on listed securities could be as high as Rs 50,000 crore per year.</div>
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	Another change that was made in the Union Budget 2018 was that an individual could get an exemption by investing long-term capital gains from the sale of house property in up to two house properties, against the earlier provision of investment in one house property with same conditions. However, the capital gains on the sale was restricted at Rs 2 crore for the exemption.</div>
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	The LTCG and STCG tax rates also vary based on the asset class &mdash; they might be different for equities, real estate, bonds, mutual funds etc &mdash; and the income tax slab an individual falls under.</div>
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Learn what is meant by Long-Term Capital Gains Tax, LTCG definition and more Long-Term Capital Gains Tax news here at Business Standard.

What is Long-Term Capital Gains Tax, LTCG Meaning, LTCG Definition, Long-Term Capital Gains Tax News

Long-term capital gains tax, or LTCG

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	Securities transaction tax (STT) is a tax levied at the time of purchase and sale of securities listed on stock exchanges in India. STT is governed by the Securities Transaction Tax Act (STT Act). Taxable securities include equity, derivatives, unit of equity-oriented mutual funds, unlisted shares sold under an offer for sale to the public included in initial public offering (IPO) and where such shares are subsequently listed in stock exchanges.</div>
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	<strong>Introduction of STT</strong></div>
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	This tax was introduced in Union Budget 2004 and came into effect from October 1, 2004. The aim behind the introduction of STT was curbing evasion of capital gains tax on profits earned by transacting in securities.</div>
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	<strong>What is STT rate? How is STT calculated?</strong></div>
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	The rate of STT is decided by the govt and it is similar to a tax paid at the source. The provisions of collection of STT work in a manner as tax deducted at source (TDS). STT is collected by a recognised stock exchange or lead merchant banker in case of an IPO. The rate of STT differs based on the type of security traded and whether the transaction is a purchase or a sale. For example, while buying an equity share, both the purchaser and the seller have to pay 0.1 per cent of the share value as STT.<br />
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	<table border="1" cellpadding="1" cellspacing="1" style="width: 500px">
		<tbody>
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				<td>
					<span style="color:#800000;"><strong>Taxable securities transaction</strong></span></td>
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					<span style="color:#800000;"><strong>Rate of taxation</strong></span></td>
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					<span style="color:#800000;"><strong>Payable by</strong></span></td>
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					Sale of an option in securities</td>
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					0.017%</td>
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					Seller</td>
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					Sale of an option in securities, where option is exercised</td>
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					0.125%</td>
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					Purchaser</td>
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					Sale of a futures in securities</td>
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					0.01%</td>
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					Seller</td>
			</tr>
		</tbody>
	</table>
</div>
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Learn what is Securities transaction tax, Securities transaction tax Definition, What is STT rate and more Securities transaction tax news at Business Standard.

What is Securities transaction tax, What is STT, What is STT rate, Securities transaction tax Definition

Securities Transaction Tax (STT)

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	Short-term capital gain tax (STCG) is a tax levied on capital gains from the sale of an asset held for a short period.</div>
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	<strong>What are capital gains?</strong></div>
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	The gains or profits from sale of capital assets are classified as capital gains. The most common examples of capital assets are land, building, house property, gold, trademarks, equity shares, patents, leasehold rights, machinery, etc. If a capital asset is sold within government-defined short-term holding period, gains from it are known as short-term capital gains.</div>
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	<strong>How is STCG tax calculated?</strong></div>
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	After taking full value of an asset into account, deduct the expenditure incurred in connection with the transfer. Also, deduct the cost of acquisition and improvement costs. The remainder amount is the short-term capital gain, which is then taxed under STCG.</div>
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	<strong>How is short-term holding period defined?</strong></div>
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	The short-term holding period differs for various items. For security assets like shares listed on stock exchange, debentures, mutual funds, and government securities, the holding period is up to 12 months. For other immovable assets, such as land, property, the period is up to 24 months.</div>
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	<strong>Taxation and exemptions with rest to short-term capital gains</strong></div>
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	For securities, the tax rates are discussed under Section 111A of the Income-Tax Act. For instance, the short-term capital gains tax levied on listed equity shares is 15 per cent.</div>
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	There are certain exemptions to taxation on securities which do not fall under Section 111A. Short-term capital gains on sale of equity shares through unrecognised stock exchange, gains due to sale of any shares apart from equity shares, among others, do not attract any tax.</div>
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	In real estate, all property transactions attract short-term capital gains tax, provided property transfer happens within 24 months of ownership/purchase. Inherited property does not attract short-term capital gains tax. However, if one sells the inherited property, one has to pay tax on it. When short-term capital gains tax is levied on non-securities (such as property), it is added to the income-tax return, and the taxpayer is taxed according to their income-tax slab.</div>
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	Individuals who wish to claim deductions or exemptions on short-term capital gains can do so under Sections 80C to 80U of the Income Tax Act, provided short-term capital gains do not fall under Section 111A. In cases where gains fall under the ambit of Section 111A, individuals cannot opt for deductions under Sections 80C to 80U.</div>

Learn what is Short-term capital gains tax, Short-term capital gains tax Definition, STCG tax and more Short-term capital gains tax news here at Business Standard.