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The Central Government has made new rules relating to commodities Transaction Tax. (Notification No: 46/2013)

Commodities Transaction Tax Rules, 2013

Effective Date    
1st day of July, 2013.

Agricultural Commodities
(i) Almond
(ii) Barley
(iii) Cardamom
(iv) Castor Seed
(v) Channa/Gram
(vi) Copra
(vii) Coriander/Dhaniya
(viii) Cotton
(ix) Cotton seed Oilcake/Kapasia Khali
(x) Guar Seed
(xi) Isabgul Seed
(xii) Jeera (Cumin Seed)
(xiii) Kapas
(xiv) Maize Feed
(xv) Pepper
(xvi) Potato
(xvii) Rape/Mustard Seed
(xviii) Raw Jute
(xix) Red Chilli
(xx) Soya bean/seed
(xxi) Soymeal
(xxii) Turmeric
(xxiii) Wheat

Value of taxable commodities transaction, commodities transaction tax, etc.
To be Rounding off
to the nearest rupee

Payment of commodities transaction tax

Through any authorised Bank accompanied by a commodities transaction tax challan

Return of taxable commodities transactions

In Form No. 1
Modes
1. In paper form
2. Electronically under digital sign.

In case return is submitted in paper form
schedules to form 1 to be submitted on a computer media
(a) the computer media conforms to the following specifications:-
(i) CD ROM of 650 MB capacity or higher capacity; or
(ii) Digital Video Disc;
(b) if the data relating to the Schedules are copied using data compression or backup software utility, the corresponding software utility or procedure for its decompression or restoration shall also be furnished; and
(c) the return shall be accompanied by a certificate regarding clean and virus free data.

Due date
On or before the 30th June immediately following that financial year.

Signed by
(i) in case of a company, by the managing director or a director thereof; and
(ii) in any other case, by the principal officer thereof.

Click Here for a copy of the Notification


For applicable forms click below






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