Need Tally
for Clients?

Contact Us! Here

  Tally Auditor

License (Renewal)
  Tally Gold

License Renewal

  Tally Silver

License Renewal
  Tally Silver

New Licence
  Tally Gold

New Licence
 
Open DEMAT Account with in 24 Hrs and start investing now!
« Service Tax »
Open DEMAT Account in 24 hrs
 Income Tax SFT return filing due date extension: Facility to remain open for a couple of days Latest news
 Income tax filing: Waiting for your Form 16? Here is what you need to know
 Salaried? Rental tax calculation rules you should know before ITR filing in 2023
 What are new tax regime's slabs? Know its limits, benefits, and more
 How much additional tax do you need to pay? ITR filing last date for FY 2019-20
 Income Tax Return Filing: How to file ITR - step-by-step guide
 New Income Tax Slabs for Super Senior Citizens 2023-24: Which rate will apply for ITR now?
 Income Tax Return filing 2023 data: How many Indians aged 18-35 years file ITR?
 Make tax-saving a part of your overall investment plan
 Filing ITR? Maximize Your Tax Savings With These 7 Allowance Benefits
 Extension of time limit for compliance to be made for claiming any exemption under Section 54 to 54GB of the Income-tax Act, 1961 ('Act') in view of the then-Covid-19 pandemic

Finance Ministry to notify Commodity Transaction Tax soon
June, 20th 2013

Finance Ministry will soon notify implementation of Commodity Transaction Tax (CTT) which will be levied primarily on processed agricultural commodities, including sugar, soya oil and mentha oil.

About 11 processed farm commodities would attract CTT, which will be levied at the rate of 0.01 per cent of the transaction value. These would include sugar, guar gum, mentha oil, soya oil and rapeseed oil.

"We are working hard to implement CTT as soon as possible. It would be applicable on futures trading," sources said.

According to sources, as many as 30 pure agro commodities, including wheat, barley and chana, are likely to be kept out of the ambit of CTT.

Coriander, cardamom, cotton and guar seed is also likely to be out of the CTT, sources said.

CTT is like Securities Transaction Tax (STT) and would not be applicable on spot trading.

In Budget 2013-14, CTT was proposed at the rate of 0.01 per cent of the transaction value and payable by the seller, which would work out to Rs 10 for transaction worth Rs one lakh.

The turnover from futures trade contributed around 15 per cent of total trade in commodity segment. The remaining 85 per cent business came from bullion, metals and energy items.

Sources said the implementation of CTT has been delayed as there has been consultations between the stakeholders and the Finance Ministry over the number of commodities which are to be kept out of the purview of the levy.

The exchanges and brokers are of the view that CTT would discourage day-traders and speculators, resulting in a big drop in business of five national bourses.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2024 CAinINDIA All Right Reserved.
Designed and Developed by Ritz Consulting