PART XIV
AMENDMENT TO THE FINANCE ACT, 2013
Amendment of Act 17 of 2013
234. In the Finance Act, 2013, after section 132, the following section shall be inserted, with effect from the 1st day of June, 2016, namely:-
Chapter VII not to apply in certain cases
‘132A. Notwithstanding anything contained in this Chapter, the provisions of this Chapter shall not apply to taxable commodities transactions entered into by any person on a recognised association located in an International Financial Services Centre, where the consideration for such transaction is paid or payable in foreign currency.
Explanation.––For the purposes of this section, “International Financial Services Centre” shall have the same meaning as assigned to it in clause (q) of section 2 of the Special Economic Zones, Act, 2005 (28 of 2005)’.
Notes on Clauses:
Clause 234 of the Bill seeks to amend the Finance Act, 2013 relating to commodities transaction tax.
The provisions of the said Chapter, inter alia, provides for chargeability of tax on taxable commodities transactions.
It is proposed to amend the said Chapter so as to provide that the provisions of chapter VIII shall not apply to taxable commodities transactions entered into by any person on a recognised association in an International Financial Services referred to in clause (q) of section 2 of the Special Economic Zones Act, 2005.
This amendment will take effect from 1st June, 2016.
