Commodity Transaction Tax: Unearthing a Financial Faux Pas
In the Union Budget of 2013-14, the then Finance Minister of India, Mr. P Chidambaram, announced the introduction (or rather re-introduction) of 0.01 per cent Commodity Transaction Tax (CTT) on sale of all non-agricultural commodity derivatives. The FM’s decision was based on the premises that, “There is no distinction between derivatives trading in securities market…