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: cpt :: VAT Audit :: articles on VAT and GST in India :: ARTICLES ON INPUT TAX CREDIT IN VAT :: empanelment :: ACCOUNTING STANDARD :: VAT RATES :: Central Excise rule to resale the machines to a new company :: TAX RATES - GOODS TAXABLE @ 4% :: TDS :: ACCOUNTING STANDARDS :: form 3cd :: list of goods taxed at 4% :: due date for vat payment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes
 
 
Service Tax »
 GST Council may discuss tax rate on gold at Udaipur meet
 Govt may rework indirect tax estimates mid-way after GST
 GST Council meeting: States allowed to tweak taxpayer division after consulting Centre
 Government may rework indirect tax maths mid-way after GST entry
 Govt may rework indirect tax mid-way after GST entry
 GST rollout will reduce disparity among states
 GST: E-tailers oppose tax laws
 Service Tax Act Chapter V Of The Finance Act, 1994
 Delhi government unlikely to achieve VAT target
  National Goods And Services Tax Appellate Tribunal
 Service Of Notice Under Model Gst Act

Commodity transaction tax to be levied from July 1
June, 21st 2013

Commodity Transaction Tax (CTT) will come into effect from July 1 with a levy of 0.01 per cent of the transactional value being applicable on the seller in futures trading of a host of items such as gold, sugar and edible oils.

Apart from gold, other commodities such as silver, crude oil and base metals and processed farm items such as sugar, soya oil, mentha oil and guar gum will also come under CTT.

According to a Finance Ministry notification here on Thursday, 23 pure agricultural commodities such as wheat, barley, chana (gram), cotton and potatoes would be exempted from the levy.

Also in the exempted category are some other farm produces such as coriander, cardamom and guar seeds.

In effect, the CTT — as proposed in the Budget for the current fiscal — will primarily be applicable on nearly a dozen processed agricultural commodities at the rate of 0.01 per cent of the transaction value.

In his 2013-14 Budget speech, Finance Minister P. Chidambaram had stated that CTT — on the lines of the Securities Transaction Tax (STT) in the capital market — would be levied on non-farm items to be paid by the seller only in futures trading.

At 0.01 per cent of the transaction value, the levy would work out to Rs.10 on a deal worth Rs.1 lakh.

The implementation of CTT, however, got delayed owing to detailed consultations between the Ministry and various stakeholders on the list of non-farm commodities to be brought under the levy.

National level

Out of the 22 commodity bourses in the country, only six of them operate at the national level. In 2012-13, the combined turnover of these exchanges stood at Rs.170,46,840 crore, six per cent lower as compared to the previous fiscal. Also, of the total turnover, while over 80 per cent comes from non-agricultural commodities, the turnover from futures trade accounts for about 15 per cent of the total trade in commodity segment.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Software Reengineering Software Re-engineering Software Reverse Engineering Software Reverse Development Software Change Modulation Software Conversion Software Re-creation Software Re-development

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