The Securities and Exchange Board of India (“SEBI”) has, vide its circular dated July 18, 2022 (“Circular”), notified that any fees and other charges payable to SEBI by market infrastructure institutions (i.e. stock exchanges, clearing corporations and depositories), companies who have listed/ are intending to list their securities and other intermediaries/ persons who are dealing in the securities market shall be subject to goods and services tax (“GST”) at the rate of 18% with effect from July 18, 2022.
The Circular has been issued pursuant to the meeting of the GST Council held on June 28 and June 29, 2022, in which the GST Council recommended to withdraw the exemption granted to services by SEBI, and which has been notified vide Notification No.4/ 2022 dated July 13, 2022.
Please find a copy of the Circular, here.
This update has been contributed by Prashanth Sabeshan (Partner) and Smriti Tripathi (Associate).
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