CorporateService tax from stock brokers halved last fiscal: Finmin
The government today said the total service tax collected from stock broking firms reduced to almost half in the last fiscal when compared with the previous fiscal.
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In a written reply to Lok Sabha, Minister of State for Finance Namo Narain Meena said the total service tax collected from Stock Brokerage Commission in 2008-09 was Rs 795 crore, nearly half of Rs 1,555 crore collected in 2007-08.
Even the collection in financial year 2006-07 was higher at Rs 1,029 crore. The minister also gave the details of the number of initial public offers (IPOs) opened during the three calendar years ending 2008.
The number of IPOs in 2008 took a beating, compared with earlier years. A total of 37 IPOs came out in 2008, less than half of 101 IPOs, which hit the market in calendar year 2007. In 2006, 74 IPOs opened, the minister said.
The corresponding amounts raised through the initial public offers during the three calendar years of 2006, 2007 and 2008 are Rs 24,720 crore, Rs 33,951 crore and Rs 18,392 crore, respectively.