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: articles on VAT and GST in India :: VAT Audit :: TDS :: due date for vat payment :: ACCOUNTING STANDARD :: Central Excise rule to resale the machines to a new company :: TAX RATES - GOODS TAXABLE @ 4% :: empanelment :: VAT RATES :: list of goods taxed at 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: cpt :: form 3cd :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARDS
« News Headlines »
 CBDT issues second round of Certificates of Appreciation to tax payers for their contribution towards Nation building
 FinMin looks at cut in corporation tax
 Draft Rules for prescribing the method of valuation of fair market value in respect of the trust or the institution-Chapter XII-EB of the Income-tax Act, 1961- reg.
 India is moving towards a flawed GST
 ICAI to organise two-day international conference in Hyderabad
 Here's how to calculate tax payable on your capital gains
 Income Tax calculations for the financial year 2016-17
 CPE Events 17 October - 22 October 2016
 High Court raps I-T Department for wrong tax demand
  CBDT signs 5 advance pricing pacts with Indian taxpayers
 Finance ministry warns tax officials of action against GST protest

Finmin in no hurry to notify CTT
May, 17th 2008

Even as the finance ministry has dismissed any prospect of a rollback of the commodities transaction tax (CTT) introduced in this years Budget, it is not averse to delaying its notification. The tax was discussed earlier this week at a high-level meeting between Prime Minister Manmohan Singh, finance minister P Chidambaram and agriculture minister Sharad Pawar.

If the tax had to be tinkered with in any way, it would have been done before the Finance Bill, 2008, was passed, an official source said. The finance ministry is of the view that there is not enough justification to either rework the tax structure or its rate as commodities exchanges have sufficient business to justify it.

Though the notification was initially to be issued by June, the Central Board of Direct Taxes (CBDT) is now expected to notify details of the tax at a much later date, the official said. The tax can only be levied after the notification comes into effect. It may be recalled that last year, the Budget announcement to levy fringe benefit tax on employees stock options was notified only in October 2007.

The CTT would be levied on all transactions on commodities exchanges, at rates ranging from 0.017% to 0.125%. Commodities exchanges have been up in arms against the tax as it would increase transaction costs. The PMs Economic Advisory Council recommended reducing the tax rate as it would hurt commodities trading and contribute to inflationary pressures.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Our Mission

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