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No legal hitch in commodities transaction tax, says Income Tax officials
September, 17th 2008

Even as the government is yet to finalise the time for introduction of commodities transaction tax (CTT), senior Income Tax officials today said that there is no legal hitch in framing the rules.

"I can't say when it will be notified. The decision has to be taken at the highest level. There is no legal hitch," Ajai Singh, member of Central Board of Direct Taxes, told reporters on the sidelines of a conference.

On February 29 this year, Finance Minister P Chidambaram had announced the introduction of a commodities transaction tax on exchange traded commodity futures and options.

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