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Monday, June 24, 2013

Commodities Transaction Tax Effective from July 1,2013

The CBDT has notified that commodities transaction tax (CTT) will be levied from July 1,2013 on all commodity derivative contracts other than those relating to 23 specified agricultural commodities at 0.01 % of the transaction value

The 23 agricultural commodities on which CTT will not apply as regards their futures contracts are -

  • almond
  • barley 
  • cardamom
  • castor seed
  • channa
  • copra
  • coriander
  • cottonseed 
  • cotton
  • guar seed
  • isabgol seed
  • jeera
  • kapas
  • maize feed
  • pepper
  • potato
  • mustard seed
  • raw jute
  • red chilli
  • soyabean
  • soyameal
  • turmeric and
  • wheat 


Note
  • 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

  • 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

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