Time CTT is done away with
Description
The ground reality is that the Government is losing more revenue than it is collecting through commodity transaction tax. Indian commodity exchanges have come a long way since their inception and are currently at par with all major global commodity exchanges. In fact, by 2013, India had one of the busiest exchanges across the world in terms of trading volumes (ranking within the top three exchanges worldwide) when it came to trading in gold, silver, natural gas as well as crude oil, reflecting increasing efficiencies in their basic functions of price discovery and risk management. A lot of it changed with the introduction of the Commodity Transaction Tax (CTT) by the Government from July 2013 onward. The reason why CTT was introduced during FY2013-2014 (for non-agricultural commodities) was to bring parity between the equity and commodity derivative markets. Read more at: https://www.thehindubusinessline.com/opinion/time-ctt-is-done-away-with/article9503205.ece
Copyright Date
January 2017
Publication Date
26-1-2017
Publication Title
The Hindu Business Line
Publisher
THG Publishing Pvt. Ltd.
Keywords
Taxation, commodity transaction tax, CTT, Commodity exchanges
Source Link URL
https://www.thehindubusinessline.com/opinion/time-ctt-is-done-away-with/article9503205.ece
