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India: Industry bodies oppose commodities transaction tax

Posted on 24 January 2013

Industry bodies have raised concern against the government’s anticipated move to levy commodity transaction tax (CTT) in Budget 2013-14, scheduled to be announced on February 28.
In a pre-Budget recommendation, the Confederation of Indian Industry ( CII) said exchange-traded commodity transactions continued to be exempted from CTT. It argued the imposition of CTT would not only increase transaction costs, add to the cost of risk management and dissuade genuine hedgers, but also shift commodity derivatives trading to unofficial and illegal ‘dabba’ trading. It added globally, imposition /increase in transaction taxes had led to migration of trade………………………………………..Full Article: Source


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