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100. Value of taxable commodities transaction. |
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—The value of a taxable commodities transaction specified under column (2) of the Table in section 99 shall, with reference to such transactions—
(a) against serial number 1, be the option premium;
(b) against serial number 2, be the settlement price of the option in goods or option in commodity derivative, as the case may be;
(c) against serial number 3, be the price at which the commodity derivative is sold.
Clauses 99 and 100 seek to make a provision for the charging of a tax called "commodities transaction tax" at the rate of—(i) 0.017 per cent. of the option premium, payable by the seller, in the case of sale of an option in goods or an option in commodity derivative; (ii) 0.125 per cent. of the settlement price of the option in goods or an option in commodity derivative, as the case may be, payable by the purchaser, in the case of a sale of an option in goods or an option in commodity derivative, where option is exercised; (iii) 0.017 per cent. of the price at which the commodity derivative is sold, payable by the seller of any other commodity derivative, in the case of a sale of such commodity derivative.
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