Latest Expert Exchange Queries
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) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: VAT RATES :: articles on VAT and GST in India :: VAT Audit :: due date for vat payment :: TAX RATES - GOODS TAXABLE @ 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: empanelment :: ACCOUNTING STANDARDS :: form 3cd :: list of goods taxed at 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: cpt :: TDS :: ACCOUNTING STANDARD :: Central Excise rule to resale the machines to a new company
 
 
ę News Headlines »
 Seven things you must do before 31st March
 Income Tax saving investments: Top 5 options available for high-income individuals
 How to use zero tax rule on long term capital gains on stocks
 GST Returns - Furnishing details of inward supplies
 5 ways to maximise you income tax return
 Income-tax (2nd Amendment) Rules, 2017
 Soon, Faster PAN, An App For Filing Tax Returns
 Changes in income tax return filing process
 New Income Tax Rates And Deductions Applicable From April 1, 2017
 Tax and transparencya
 No decision yet on imposing tax on cash transactions

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Commodities exchanges and traders lobbied hard for the tax, the only new one introduced in Budget 2008-09, to be withdrawn or relaxed at the very least.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 2017 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