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Question

Consider the following statements: Which of the following statement(s) is/are correct?


Your Answer
A
Only 1
Your Answer
B
Only 2 and 3
Correct Answer
C
Only 1 and 2
Your Answer
D
All of the above

Solution

The correct option is C Only 1 and 2
Commodities Transaction Tax (CTT) Proposed in Finance Bill, 2013 for enhancing financial resources. A tax which shall be levied on non-agricultural commodities futures contracts at the same rate as on equity futures that is at 0.01% of the price of the trade.
CTT would tax trading of non-farm commodities like gold, silver and non-ferrous metals such as copper and energy products like crude oil and natural gas in India.
Here both parties—buyer & seller of contract—will be taxed depending on the amount of contract size,
Similar to the Securities Transaction Tax (STT) levied on the purchase and sale of equities in the stock market.

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