CTT to be notified, but Govt not in hurry
Finance Minister P Chidambaram on Monday refused to specify when the government would notify the controversial Commodity Transaction Tax (CTT).
By PTI |
NEW DELHI: Finance Minister P Chidambaram on Monday refused to specify when the government would notify the controversial Commodity Transaction Tax (CTT), which is to be imposed on futures and options deals on commodity exchanges.
"It (CTT) will be notified. What is the hurry?" he said in a light vein to a query from reporters here.
The government had proposed a CTT of Rs 17 per lakh on the lines of Securities Transaction Tax in the Budget 2008-09.
Notwithstanding opposition from various quarters, Chidambaram neither withdrew the proposal on CTT nor revised its rate in the Finance Bill.
Last week, Agriculture Minister Sharad Pawar said he would discuss the issue with Prime Minister Manmohan Singh and Chidambaram to take a final view.
According to the proposal, CTT at the rate of 0.017 per cent would be imposed on brokers on their transactions in the commodity futures market.
While presenting the budget for 2008-09, the Finance Minister had said, "Transaction in commodity futures have come of age. Hence, I propose to introduce CTT on the same lines as Securities Tax Transaction on options and futures."
"It (CTT) will be notified. What is the hurry?" he said in a light vein to a query from reporters here.
The government had proposed a CTT of Rs 17 per lakh on the lines of Securities Transaction Tax in the Budget 2008-09.
Notwithstanding opposition from various quarters, Chidambaram neither withdrew the proposal on CTT nor revised its rate in the Finance Bill.
Last week, Agriculture Minister Sharad Pawar said he would discuss the issue with Prime Minister Manmohan Singh and Chidambaram to take a final view.
According to the proposal, CTT at the rate of 0.017 per cent would be imposed on brokers on their transactions in the commodity futures market.
While presenting the budget for 2008-09, the Finance Minister had said, "Transaction in commodity futures have come of age. Hence, I propose to introduce CTT on the same lines as Securities Tax Transaction on options and futures."
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