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99. Charge of commodities transaction tax. |
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—On and from the date of commencement of this Chapter, there shall be charged a commodities transaction tax in respect of every taxable commodities transaction specified in column (2) of the Table below, at the rates 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 seller or the purchaser, as the case may be, specified in the corresponding entry in column (4) of the said Table :
Table
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Sl. No. |
Taxable commodities transaction |
Rate |
Payable by |
|
(1) |
(2) |
(3) |
(4) |
|
1. |
Sale of an option in goods or an option in commodity derivative |
0.017
per cent. |
Seller |
|
2. |
Sale of on option in goods or an option in commodity derivative, where option is exercised |
0.125
per cent. |
Purchaser |
|
3. |
Sale of any other commodity derivative |
0.017
per cent. |
Seller |
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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