Amendment of section 100.
182. In section 100 of the 2004 Act,--
(i) after sub-section (2A), the following sub-section shall be inserted, namely:--
“(2B) The lead merchant banker appointed by the business trust in respect of an initial offer shall collect the securities transaction tax from every person who enters into a taxable securities transaction referred to in sub-clause (ab) of clause (13) of section 97 at the rates specified in section 98.”;
(ii) in sub-section (3),--
(A) after the word, brackets, figure and letter “sub-section (2A)”, the words, brackets, figure and letter “or sub-section (2B)” shall be inserted;
(B) after the words “an initial public offer”, the words “or an initial offer” shall be inserted;
(iii) in sub-section (4), after the words ‘‘an initial public offer’’, the words ‘‘or an initial offer’’ shall be inserted.
Notes on Clauses:
Clause 182 of the Bill seeks to amend section 100 of the 2004 Act to provide that-
(a) the lead merchant banker appointed by the business trust in respect of an initial offer shall collect the securities transaction tax from every person who enters into a taxable securities transaction referred to in sub-clause (ab) of clause (13) of section 97 at the rate specified in section 98; and
(b) the securities transaction tax collected during any calendar month from every person who enters into a taxable securities transaction referred to in sub-clause (ab) of clause (13) of section 97 at the rate specified in section 98 shall be paid by every recognised stock exchange or the lead merchant banker in the case of an initial offer to the credit of the Central Government by the seventh day of the month immediately following the said calendar month.
