Why Zerodha charging higher IGST rate of 18.4%?

Zerodha
1

From last Monday ie 18july, Zerodha has started charging higher IGST of 18.4% on brokerage and exchange transaction charges. This was earlier at 18%.

Does anyone know why?

I am attaching a snapshot of my contract note.
Brokerage 160
Exchange transaction charges 130.97
Total 290.97

However IGST charged is 53.55 which is 18.4% instead of the standard 18% which was the case earlier.

Is this legal? To charge higher IGST than the standard. Zerodha has charged 18.4% on both Monday and Tuesday contract notes, so it’s not a one off mistake.

@ShubhS9 can you please reply on this?

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2

SEBI charges were earlier exempted from GST. However, starting July 18, 2022, the exemption has been withdrawn, and the GST will be applicable at 18%. You can check this SEBI circular for more details: SEBI | Levy of Goods & Services Tax (GST) on the fees payable to SEBI

3

Wow, the Govt. keeps getting more and more greedy with every passing day.

@ShubhS9 May be you can re-word the line item of IGST in the contract note to reflect this change. Thanks for your prompt reply.