Despite strong lobbying by commodity traders, the Finance Ministry is likely to go ahead with its plan to levy a commodity transaction tax (CTT) of 0.018-0.125 per cent on all non-agro commodity trades such as gold, silver, non-ferrous metals and crude oil in the forthcoming Budget .
CCT will be similar to the securities transaction tax (STT), levied on the purchase and sale of equities in the stock market. So far, commodity transactions have been exempted from any levy.
"In the last few days, there have been discussions with banks, stock and commodity exchanges, Consumer Affairs Ministry and other stake holders. However, the government is planning to go ahead with CTT," a senior Finance Ministry official told Mail Today.
Source : indiatoday.intoday.in