Section 117 - Charge of commodities transaction tax - Finance Act, 2013

1 [Charge of commodities transaction tax. 117. On and from the 1st day of April, 2018, there shall be charged a commodities transaction tax in respect of taxable commodities transaction specified in column (2) of the Table below, at the rate specified in the corresponding entry in column (3) of the said Table, on the value of such transaction and such tax shall be payable by the purchaser or the seller, as the case may be, as specified in the corresponding entry in column (4) of the said Table: 2 [ TABLE Sl.No. Taxable commodities transaction Rate Payable by (1) (2) (3) (4) 1. Sale of commodity derivative 0.01 per cent. seller 2. Sale of commodity derivatives based on prices or indices of prices of commodity derivatives 0.01 per cent. seller 3. Sale of option on commodity derivative 0.05 per cent. seller 4. Sale of option in goods 0.05 per cent. seller 5. Sale of option on commodity derivative, where option is exercised 0.0001 per cent. purchaser 6. Sale of option in goods, where option is exercised resulting in actual delivery of goods 0.0001 per cent. purchaser 7. Sale of option in goods, where option is exercised resulting in a settlement otherwise than by the actual delivery of goods 0.125 per cent. purchaser. ] **************** NOTES:- 1. Substituted vide THE FINANCE ACT, 2018 , w.e.f. 1st day of April, 2018, before it was read as, Charge of commodities transaction tax 117. On and from the date of commencement of this Chapter, there shall be charged a commodities transaction tax in respect of every taxable commodities transaction, being sale of commodity derivative, at the rate of 0.01 per cent. on the value of such transaction and such tax shall be payable by the seller. 2. Substituted vide Finance Act, 2020 dated 27-03-2020 w.e.f. 01-04-2020 before it was read as TABLE Sl.No. Taxable commodities transaction Rate Payable by (1) (2) (3) (4) 1. Sale of a commodity derivative; 0.01 per cent. seller 2. Sale of an option on commodity derivative; 0.05 per cent. seller 3. Sale of an option on commodity derivative, where option is exercised. 0.0001 per cent. purchaser]