Commodities Transaction Tax (CTT) Introduced in a Limited Way; Agricultural Commodities will be Exempt

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..... Commodities Transaction Tax (CTT) Introduced in a Limited Way; Agricultural Commodities will be Exempt
Budget
Dated:- 28-2-2013

The Finance Bill 2013 proposes to introduce Commodities Tr .....

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..... ansaction Tax(CTT) in a limited way. Presenting the Union Budget in the Lok Sabha today, the Finance Minister Shri P.Chidambaram said that CTT shall be levied on non-agricultural commodities future co .....

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..... ntracts at the same rate as on equity futures that is at 0.01 percent of the price of the trade. The trading in commodity derivatives will not be considered as a 'speculative transaction' and CTT shal .....

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..... l be allowed as deduction if the income from such transaction forms part of business income. Mr. Chidambaram also said that there is no distinction between derivative trading in the securities market .....

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..... and derivative trading in the commodities market, only the underlying asset is different. Hence, it is time to introduce CTT in a limited way. However, agricultural commodities will be exempt. *** .....

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..... DSM/RC/nb/33 (Release ID :92748)
News - Press release - PIB .....

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