sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Latest Expert Exchange
News Headlines »
 What is tax deducted at source (TDS)?
 Income Tax Return filing 2018: Here are some important tips for you
 Change in Examination Venue in Thane, Zone – II, May 2018 Examinations
 Here’s all you need to know New Income Tax return for salaried class available on IT portal
 What to do if you missed the (second) tax deadline
 Income-tax (5th Amendment) Rules, 2018 - Notification under section 9A (3) of the Income-tax Act, 1961 in respect of Fund Manager Regime
 Income Tax department warns salaried class again filing wrong ITRs
 ITR-1 form for AY 18-19 now available for e-filing
 New Income Tax Return Form for Salaried Class available in Portal
 Income Tax Return: ITR-1 ready for e-filing, says I-T department
 6 Tax changes you need to keep in mind while filing ITR for FY17-18 Income Tax Return efiling

CTT to come into force by July
May, 07th 2008

The commodities transaction tax (CTT) is likely to come into force within the next two months as the details, including the collection, payment and the procedures for filing returns, will take some more time to be firmed up.

The CTT, which will be administered by the Central Board of Direct Taxes (CBDT), will be levied at the rate of 0.017 per cent on sellers of commodity futures as well as options. Purchasers of options, who exercise them, will pay 0.125 per cent on the basis of per transaction value.

Commodities exchanges and traders lobbied hard for the tax, the only new one introduced in Budget 2008-09, to be withdrawn or relaxed at the very least.

Last week, after the Finance Bill 2008 was approved by Parliament, it became clear that the finance ministry is in no mood to oblige.

The Bill is expected to receive the President's assent in a few days from now, making all its provisions law.

However, a notification spelling out the implementation of the CTT will only be issued in a month or two after the guidelines are finalised, a Finance Ministry official said. It may be recalled that the Securities Transaction Tax (STT), on which the CTT is modelled, had also taken three months time to come into force after being announced in 2004.

Staffers at India's 24 commodity exchanges, who will collect the tax from traders, will also be sensitized about various aspects of the tax. The monthly collections will be deposited with the central exchequer by the first week of the subsequent month. The total turnover in these exchanges stood at over Rs 40 lakh crore in 2007-08. The Income Tax department expects that the tax would fetch around Rs 5,000 crore revenue in the first year of its impelmentation.

Data captured through the CTT is likely to be mined by the department to sniff out potential tax evasion. 

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - We Bring IT. Offshore software outsourcing company. We use Global Delivery Model (GDM) and believe in Follow The Sun principle

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions