Web Sify
Follow us on
Mail
Print

Union Budget 2013: Chidambaram levies 0.01 percent CTT on non-agro commodities

Source : IANS
Last Updated: Thu, Feb 28, 2013 08:15 hrs
India's Finance Minister P. Chidambaram speaks during an interview with Reuters at a hotel during his visit for the G20 meeting in Mexico City

Union Finance Minister P. Chidambaram Thursday proposed to levy a commodity transaction tax (CTT) on non-agriculture commodity trades at 0.01 percent on the price of the trade.

The CTT levied on the futures contracts of non-agro commodities such as gold, silver and crude oil will be at the same rate of the securities transaction tax (STT) levied on the purchase and sale of equities in the stock markets.

"Trading in commodity derivatives will not be considered as the speculative transactions. Agricultural commodities will be exempted," Chidambaram said during his budget speech for 2013-14.




More from Sify:
blog comments powered by Disqus
most popular on facebook
talking point on sify finance