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Budget 2019: Market experts hail Piyush Goyal for slashing costs of investors
Decision to levy stamp duty on stock transactions only on one instrument relating to one transaction in budget 2019 is a welcome step in terms of rationalising the transaction costs for investors.
Market experts have welcomed the budgetary proposal to levy stamp duty on stock transactions only on one instrument relating to one transaction in budget 2019. The security experts said it would bring down the transaction cost of the market investors. They said rationalisation of the security taxes were a long-awaited demand by the markets which has been met in the budget 2019.
Kunal Shangvi, Chief Financial Officer of MSE (Metropolitan Stock Exchange) told Zee Business online in a written statement, "The decision to levy Stamp Duty on financial securities transactions only on one instrument relating to one transaction is a very welcome step in terms of rationalising the transaction costs for investors. The duty will now be collected at one place through the Exchanges and will be shared seamlessly between the states on the basis of the domicile of the buyer. This brings in a lot of comfort, not only in terms of bringing down the cascading effect of the duty but also in terms of ease of compliance."
Sanjit Prasad - CEO, ICEX (Indian Commodity Exchange) told, "Measures intended to protect and promote the agricultural sector should help the commodity markets going forward. But the biggest and the most important provision from the point of view of the capital market ecosystem is the rationalisation of the state level stamp duty on securities transactions. The single charge at point of first transaction is a very important step in the right direction. It will not only help in simplicity of compliance but also in bringing down the overall transaction cost."
Hailing the budget 2019 Dharmesh Kant, Head — Retail Research at IndiaNivesh told, "Budget announced today is a very good one. Provisions with a major focus on rural per capita income growth (doubling by 2022) will be good for many sectors including FMCG, Automobile, particularly tractor makers, domestic appliances makers, electric and electricals, white goods, and television makers, among others. The direct benefit transfer to vulnerable farmer families a big positive. An outlay of Rs. 20,000 crore for the current year and Rs 75,000 crore for 2019-2020 will boost consumption from this segment in a big way."
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