Reinstate the maximum cap on stamp duty for stock market investors in Karnataka
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I stay in Bengaluru and earn a living for my family from investing and trading in the stock markets. For everyone who trades the stock market should be aware that with small amounts of money in the account, large turnovers can happen.
I have around Rs 5lk and I trade on both equity and commodity derivatives. When trading for intraday, everytime I buy and sell a gold future contract, I generate a turnover of Rs 1 crore with my 5lks. Even on average trading days I generate a turnover of around Rs 10 crores.
Karnataka state government on thursday announced that stamp duty for all securities trading will be 0.003% without any cap on what is the maximum stamp duty per day on my contract note. Until thursday there was a cap of Rs 50/contract note. What this means is I am having to pay Rs 3000 every day as stamp duty charges suddenly, which was earlier maximum of Rs 50 per day.
I would typically earn between Rs 3000 to Rs 5000 daily. With this act by Karnataka government, I will pay that much in stamp duty everyday. I have just lost my livelihood.
I am hoping everyone supports the petition and someone sensible at the government can look at this and bring back a maximum cap on stamp duty when trading stocks. If this is not done, I will be forced to sell my property and move out of this state to another state like Andhra Pradesh, Goa, Haryana, etc where there is a cap. It will not be just me, I am sure all individuals and businesses setup in Karnataka around capital markets will move out of the state.
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