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Section 218 - Amendment of Act 17 of 2013- Charge of commodities transaction tax - Value of taxable commodities transaction - Finance Act, 2018Extract PART XVII AMENDMENTS TO THE FINANCE ACT, 2013 Amendment of Act 17 of 2013. 218 . In the Finance Act, 2013,- (a) in section 116, in clause (7), after the words sale of commodity derivatives , the words or option on commodity derivatives shall be inserted with effect from the 1st day of April, 2018; (b) for sections 117 and 118, the following sections shall be substituted with effect from the 1st day of April, 2018, namely:- 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: 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 Value of taxable commodities transaction 118. The value of taxable commodities transaction referred to in section 117,- (a) in the case of a taxable commodities transaction relating to a commodity derivative, shall be the price at which the commodity derivative is traded; (b) in the case of a taxable commodities transaction relating to an option on commodity derivative, shall be- (i) the option premium, in respect of transaction at serial number 2 of the Table in section 117; (ii) the settlement price, in respect of transaction at serial number 3 of the Table in section 117. ; (c) in section 128, after the word sections , the figures 119, shall be inserted with effect from the 1st day of April, 2018.
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