The following amendments have been made to the provisions regulating commodity transaction tax with effect from April 1, 2018 —
1. The definition of taxable commodities transaction has been amended to include “option on commodity derivatives”.
2. Commodities transaction tax shall be chargeable as follows —
Taxable commodities transaction |
Value of taxable
transaction |
Rate |
Payable by |
Sale of a commodity derivative |
Price at which the
commodity derivative is
traded |
0.01% |
Seller |
Sale of an option on commodity derivative |
Option premium |
0.05% |
Seller |
Sale of an option on commodity derivative, where option is exercised |
Settlement price
|
0.0001% |
Purchaser |
|
