commodities

The government may impose a stamp duty of Rs 300 per crore (0.003%) on transactions in commodities, stocks and other derivatives, with the finance ministry moving a proposal to Cabinet for taking the final call, sources said. Despite strong opposition from the Ministry of Consumer Affairs (MCA), the finance ministry has placed the proposal before Cabinet, they said. Full Article

What constitutes ‘Service’ is certainly a subject matter of discussion. Its plain meaning is an Act of helpful Activity or Rendering of Assistance or Help. Service is generally a feeling in the form of efforts and excludes sale of goods or property or commodities. It pre-supposes existence of a Service Provider. For Service Tax purposes, if there is no Service, then there should be no Tax. Full Article

He said that the white paper proposes that the Central GST and State GST, that is CGST and SGST, will be concurrently administered by the centre and the state. Mr. Bhatia seems to believe that this will lead to immense confusion because it means that for every transaction, every dealer has to go to two authorities. And in some way that sort of subverts the intent of simplicity for which GST is being put in place in the first place. Full Article

It has been brought to the notice of the Board that some manufacturers of Motor Vehicles are getting complete Motor Vehicles manufactured by sending the Chassis of the Motor Vehicles to independent body builders for building the body as per the design/specification of the manufacturer. The practice followed is that the Chassis is transferred to the Body builder on payment of appropriate Central Excise duty on stock transfer basis and is not sold to them . Full Article

The I-T Department is probing tax evasion to the tune of Rs 800 crore by some stock brokers who are believed to be diverting profits, earned on trading in NSE, BSE and commodity markets, to “non-deserving” clients through manipulation of client specific codes. Sources said profits earned or losses suffered by individual market players are [...] Full Article

Section 43(5)(d)(ii) of the Income-tax Act, 1961 – Speculative transactions – Notified recognised stock exchange Notification No. 46/2009, dated 22-5-2009 In exercise of the powers conferred by clause (ii) in the Explanation to clause (d) of the proviso to sub-section (5) of section 43 of the Income-tax Act, 1961 (43 of 1961), read with rule [...] Full Article

Profits earned from the sale of jaggery will be taxed as converting sugarcane into a saleable commodity like jaggery or gur is not an agricultural operation, a tax tribunal has ruled. “Profit from the sale of jaggery falls beyond the ken of agriculture income,” the Chennai bench of the Income Tax Appellate Tribunal (ITAT) said, [...] Full Article

45. Commodities Transaction Tax 45.1 Chapter VII of the Finance Act, 2008 has introduced a new tax called Commodities Transaction Tax (CTT) to be levied on taxable commodities transactions entered in a recognized association. 45.2 ‘Taxable commodities transaction’ has been defined to mean a transaction of purchase or sale in a recognized association of – (i) [...] Full Article