The Supreme Court will consider whether the securities transaction tax is lawful

• The Supreme Court of India is reviewing a petition challenging the constitutional validity of the Securities Transaction Tax (STT), established under the Finance Act, 2004.

• The petition, filed by Aseem Juneja and represented by advocate Siddhartha K. Garg, argues that STT infringes on fundamental rights to equality and the right to trade for livelihood.

• Juneja’s plea emphasizes that the challenge is not based on increased taxation, but on the legality of STT itself.

• He claims STT violates the principle of double taxation, as traders already pay capital gains tax on profits before being taxed again with STT on the same transactions.

• The petition also argues that STT is the only tax in India that applies to the act of conducting a profession, regardless of profitability, making it punitive.

• Unlike other taxes which apply only to profits at year-end, STT is imposed even when traders incur losses.

• STT was intended to reduce tax evasion in the stock market but lacks provisions for refunds or adjustments like those available for TDS paid by salaried individuals.

STT Double Taxation Issue is important topic for Civil service exam (WBCS).

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