Stock advisory Company, Traders want CTT abolished in processed agro commodities
The Confederation of Indian Industry (CII) has urged the government to abolish the commodity transaction tax (CTT) in processed agri commodities.
In a pre-Budget recommendation submitted to the government, CII argued the levy of CTT on agri processed commodities has created an anomaly because of tax exemptions granted to primary agri commodities.
“The levy has drastically reduced hedgers’ participation in processed agri commodities on account of increased impact cost. The domestic hedgers have moved to hedging on international exchanges in commodities such as soya oil and sugar,” said the CII recommendation letter addressed to the Finance Minister Arun Jaitley.
The government exempted primary agri commodities such as oilseeds, guar seed and levied 0.1 percent of CTT on processed agri commodities such as refined soya oil and sugar effective July 1, 2013. Since then, the volume of trade on commodity futures exchanges has declined drastically.
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