NSE orders brokers to remit excess STT with interest after Income Tax Dept directive

• NSE directs members to remit excess Securities Transaction Tax (STT) collected for FY2023-24 and prior years.
• Order follows a directive from the Joint Commissioner of Income Tax, Range 7(1).
• Members must pay 1% interest per month for delayed remittance of the excess STT.
• Details of excess STT as of March 31, 2023, must be submitted within seven days of the circular.
• Remittance to be made to NSE, which will then deposit it into the government account under intimation to the Income Tax Department.