COMMODITY TRANSACTION TAX

In the 2013-14 Budget speech, Finance Minister P Chidambaram had said that CTT will be levied on non-farm items at the rate of 0.01 per cent and would be paid by the seller.

Commodity Transaction Tax (CTT) at 0.01% will be levied on various non-agricultural commodities, including gold, sugar and edible oils, with effect from July 1.

Besides gold, silver, crude oil and base metals, processed farm items like sugar, soya oil and guar gum will come under CTT, it said.

The Finance Ministry said 23 agricultural commodities, including

wheat,

barley,

chana,

Coriander,

Cardamom,

guar seed,

cotton and

potato etc.

would be exempted from the levy.

The tax would be levied on futures trading and not on spot trading in the commodities. 

Regards

CA. Mona Singhal

Partner

Arpit Gupta & Associates

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