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115. Amendment of Act 18 of 2008 |
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A WELCOME BUDGET
After section 121 of the Finance Act, 2008, the following section shall be inserted, namely:—
"121A. Provisions of Chapter VII not to apply to taxable commodities transaction.—Nothing contained in this Chapter shall apply to, or in relation to, the taxable commodities transaction entered on or after the 1st day of April, 2009.".
Clause 115 of the Bill seeks to insert a new section 121A to the Finance Act, 2008 which relates to provisions of Chapter VII not to apply to commodities transaction tax.
The existing Chapter VII provides for provisions relating to commodities transactions tax. It is proposed to insert new section 121A so as to provide that the provisions of Chapter VII relating to taxable commodities transaction entered on or after the 1st April, 2009 shall not apply.
The proposed amendment will take effect retrospectively from 1st April, 2009.
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