Date: 2015-02-10Category: Extra OrdinaryState: Union GovernmentCountry: India
The Central Govt. hereby makes the following rules to amend the Commodities Transaction Tax Rules, 2013, These rules may be called the Commodities Transaction Tax (First Amendment) Rules, 2014.
**Executive Summary:**
This notification from the Ministry of Finance, Department of Revenue, amends the Commodities Transaction Tax Rules, 2013. It provides a list of agricultural commodities for the purpose of clause 7 of section 116 of the Finance Act, 2013. The rules are called the Commodities Transaction Tax First Amendment Rules, 2014, and came into force on February 10, 2015.
**Key Points / Main Content:**
* **Amendment:** The notification introduces the Commodities Transaction Tax First Amendment Rules, 2014.
* **Effective Date:** The rules came into force on February 10, 2015.
* **Agricultural Commodities:** Subrule 3 of the Commodities Transaction Tax Rules, 2013, is replaced with an updated list of agricultural commodities for the purposes of clause 7 of section 116 of the Finance Act, 2013, including:
* Almond, Barley, Cardamom, Castor Seed, Channa/Gram, Copra, Coriander/Dhaniya, Cotton, Guar Seed, Isabgul Seed, Jeera/Cumin Seed, Kapas, Maize/Feed Maize, Pepper, Potato, Rapeseed/Mustard Seed, Raw Jute, Red Chilli/Chillies, Soya beanseed, Soymeal, Turmeric, Wheat, Aniseed, Arhar Chuni, Bajra, Betelnuts, Celeryseed, Chara or Berseem (Including Chara seed or Berseem seed), Cinnamon, Cloves, Cotton pods, Cotton seed, Ginger, Gram Dal, Gram Husk/Gram Chilka, Groundnut, Jowar, Kulthi, Lakh/Khesari, Linseed, Masur, Methi, Moth, Mung, Mung Chuni, Mung Dal, Nutmeg, Onion, Peas, Ragi, Rice Bran, Rice or Paddy, Safflower, Seedlac, Sesamum/Til or Jiljilli, Small Millets (Kodan/Kulti, Kodra, Korra, Vargu, Sawan, Rala, Kakun, Samai, Vari and Banti), Sunflower seed, Tur/Arhar, Tur Dal/Arhar dal, Urad/Mash, Urad Dal.
**Impact Analysis:**
**Taxpayers dealing in Commodities:**
* **Impact:** The amended rules directly affect taxpayers involved in trading commodities, especially agricultural commodities.
* **Action Required:** Review the updated list of agricultural commodities to ensure compliance with the Commodities Transaction Tax Act.
**Tax Authorities:**
* **Impact:** Responsible for enforcing the updated regulations and ensuring accurate collection of Commodities Transaction Tax.
* **Action Required:** Implement the changes outlined in the notification and update relevant systems and procedures.
**Commodity Exchanges:**
* **Impact:** The Exchanges need to ensure that the commodities being traded, and the associated tax implications are aligned with the updated list of agricultural commodities.
* **Action Required:** Update their trading platforms and inform participants about the changes to ensure smooth transactions and compliance.
Key Entities Referenced
Ministry of Finance: The government ministry responsible for financial matters, including revenue, as indicated by the Department of Revenue.
Department of Revenue: A department under the Ministry of Finance, Government of India, responsible for revenue collection and administration.
Finance Act, 2013: The Act of the parliament of India that is being amended by this notification.
Commodities Transaction Tax Rules, 2013: The rules pertaining to the Commodities Transaction Tax, which are being amended by this notification.
Commodities Transaction Tax First Amendment Rules, 2014: The name of the amendment rules introduced via this notification.
New Delhi: The location of the notification, which is also the capital of India.
Official Gazette: The official government publication where the amendment rules are published.
Agricultural Commodities: A list of specific agricultural commodities that are relevant for the purposes of clause 7 of section 116 of the Act.
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714 GI/2015 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(ii)]
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(xxi) ह(cid:3)दी
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[अिधस ूचना सं. 13/2015, फा.सं.142/09/2013-टीपीएल]
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MINISTRY OF FINANCE
(Department of Revenue)
NOTIFICATION
New Delhi, the 10th February, 2015
S.O.424(E).— In exercise of the powers conferred by sub-sections (1) and(2) of section 133 of the Finance Act,
2013 (17 of 2013)(herein after referred to as the Act), the Central Government hereby makes the following rules to
amend the Commodities Transaction Tax Rules, 2013, namely:-
1. (1) These rules may be called the Commodities Transaction Tax (First Amendment) Rules, 2014.
(2) They shall come into force on the date of their publication in the Official Gazette.
2. In the Commodities Transaction Tax Rules, 2013, for sub-rule 3, the following sub-rule shall be substituted,
namely:-
“3. Agricultural Commodities. ─ For the purposes of clause (7) of section 116 of the Act, the agricultural commodities
shall be the following, namely:-
(i) Almond
(ii) Barley
(iii) Cardamom
(iv) Castor Seed
(v) Channa/Gram
(vi) Copra
(vii) Coriander/Dhaniya
(viii) Cotton
(ix) Guar Seed
(x) Isabgul Seed
(xi) Jeera (Cumin Seed)
(xii) Kapas
(xiii) Maize Feed/ Maize
(xiv) Pepper
(xv) Potato
(xvi) Rapeseed/Mustard Seed
(xvii) Raw Jute
(xviii) Red Chilli/ Chillies
(xix) Soya bean/seed
(xx) Soymeal4 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(ii)]
(xxi) Turmeric
(xxii) Wheat
(xxiii) Aniseed
(xxiv) Arhar Chuni
(xxv) Bajra
(xxvi) Betelnuts
(xxvii) Celeryseed
(xxviii) Chara or Berseem(Including Chara seed or Berseem seed)
(xxix) Cinnamon
(xxx) Cloves
(xxxi) Cotton pods
(xxxii) Cotton seed
(xxxiii) Ginger
(xxxiv) Gram Dal
(xxxv) Gram Husk (Gram Chilka)
(xxxvi) Groundnut
(xxxvii) Jowar
(xxxviii) Kulthi
(xxxix) Lakh (Khesari)
(xl) Linseed
(xli) Masur
(xlii) Methi
(xliii) Moth
(xliv) Mung
(xlv) Mung Chuni
(xlvi) Mung Dal
(xlvii) Nutmeg
(xlviii) Onion
(xlix) Peas
(l) Ragi
(li) Rice Bran
(lii) Rice or Paddy
(liii) Safflower
(liv) Seedlac
(lv) Sesamum (Til or Jiljilli)
(lvi) Small Millets (KodanKulti, Kodra, Korra, Vargu, Sawan, Rala, Kakun, Samai, Vari and Banti)
(lvii) Sunflower seed
(lviii) Tur (Arhar)
(lix) Tur Dal (Arhar dal)
(lx) Urad (Mash)
(lxi) Urad Dal.”.
[Notification No. 13/2015, F.No. 142/09/2013-TPL]
GAURAV KANAUJIA, Director
Note: Principal rules were published in Gazette of India, Extraordinary, Part II, Section 3, Sub-section (ii) dated
19th June, 2013 vide notification number S.O. 1769(E), dated 19th June, 2013.
Printed by the Manager, Government of India Press, Ring Road, Mayapuri, New Delhi-110064
and Published by the Controller of Publications, Delhi-110054.