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Finance ministry likely to review BCTT
February, 19th 2008
The government is likely to review the controversial banking cash transaction tax (BCTT), primarily designed to track black money, and possibly scrap it in the Budget.

The tax was likely to reviewed in the Budget and could even be withdrawn, sources said.

They said the banking cash transaction tax, under which cash withdrawals above Rs 50,000 by an individual or firm from the savings account of a bank are taxed at 0.1%, could be reviewed as growth rate of cash withdrawals from banks had declined and there was possibility of expansion of transactions under the annual information report system.
 
 
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