Amid reports that the finance ministry plans to impose a tax on commodity derivatives in the forthcoming Budget, the consumer affairs ministry on Friday opposed any such move saying it would distort the nascent market. “We are not in favour of imposing commodity transaction tax (CTT),” Consumer Affairs. He said that a CTT on commodities derivatives on the lines of Security Transaction Tax (STT) will affect the growth of the organised commodity market. He added that the commodity derivatives markets are set up for price discovery and cannot be compared with stock markets.
Source: Financial Express
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