{"act":{"id":"finance-act-2018","short_title":"The Finance Act, 2018","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2018-2019.","act_number":"13","act_year":2018,"enact_date":null,"enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":227,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2018/"},"unit":"section","section":{"number":"218","heading":"Amendment of Act 17 of 2013","text":"PART XVII AMENDMENTS TO THE FINANCE ACT, 2013 Amendment of Act 17 of 2013 218. In the Finance Act, 2013,— (a) | in section 116, in clause (7), after the words \"sale of commodity derivatives\", the words \"or option on commodity derivatives\" shall be inserted with effect from the 1st day of April, 2018; (b) | for sections 117 and 118, the following sections shall be substituted with effect from the 1st day of April, 2018, namely:— \"117. Charge of commodities transaction tax—On and from the 1st day of April, 2018, there shall be charged a commodities transaction tax in respect of taxable commodities transaction specified in column (2) of the Table below, at the rate specified in the corresponding entry in column (3) of the said Table, on the value of such transaction and such tax shall be payable by the purchaser or the seller, as the case may be, as specified in the corresponding entry in column (4) of the said Table: TABLE Sl. No. | Taxable commodities transaction | Rate | Payable by (1) | (2) | (3) | (4) 1. | Sale of a commodity derivative; | 0.01 per cent. | seller 2. | Sale of an option on commodity derivative; | 0.05 per cent. | seller 3. | Sale of an option on commodity derivative, where option is exercised. | 0.0001 per cent. | purchaser 118. Value of taxable commodities transaction—The value of taxable commodities transaction referred to in section 117,— (a) | in the case of a taxable commodities transaction relating to a commodity derivative, shall be the price at which the commodity derivative is traded; (b) | in the case of a taxable commodities transaction relating to an option on commodity derivative, shall be— (i) | the option premium, in respect of transaction at serial number 2 of the Table in section 117; (ii) | the settlement price, in respect of transaction at serial number 3 of the Table in section 117.\"; (c) | in section 128, after the word \"sections\", the figures \"119,\" shall be inserted with effect from the 1st day of April, 2018.","html":"<p>PART XVII</p><p><b>AMENDMENTS TO THE FINANCE ACT, 2013</b></p><p><b>Amendment of Act 17 of 2013</b></p><p><b>218. </b>In the Finance Act, 2013,—</p><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>a</i>)</td><td></td><td>in section 116, in clause (<i>7</i>), after the words \"sale of commodity derivatives\", the words \"or option on commodity derivatives\" shall be inserted with effect from the 1st day of April, 2018;</td></tr><tr><td>(<i>b</i>)</td><td></td><td>for sections 117 and 118, the following sections shall be substituted with effect from the 1st day of April, 2018, namely:—</td></tr><tr><td></td><td></td><td>\"117. <i>Charge of commodities transaction tax</i>—On and from the 1st day of April, 2018, there shall be charged a commodities transaction tax in respect of taxable commodities transaction specified in column (<i>2</i>) of the Table below, at the rate specified in the corresponding entry in column (<i>3</i>) of the said Table, on the value of such transaction and such tax shall be payable by the purchaser or the seller, as the case may be, as specified in the corresponding entry in column (<i>4</i>) of the said Table:</td></tr></table></div><p>TABLE</p><div class=\"tablewrap\"><table class=\"dtable\"><tr><td></td><td>Sl. No.</td><td>Taxable commodities transaction</td><td>Rate</td><td>Payable by</td></tr><tr><td></td><td>(1)</td><td>(2)</td><td>(3)</td><td>(4)</td></tr><tr><td></td><td>1.</td><td>Sale of a commodity derivative;</td><td>0.01 per cent.</td><td>seller</td></tr><tr><td></td><td>2.</td><td>Sale of an option on commodity derivative;</td><td>0.05 per cent.</td><td>seller</td></tr><tr><td></td><td>3.</td><td>Sale of an option on commodity derivative, where option is exercised.</td><td>0.0001 per cent.</td><td>purchaser</td></tr></table></div><p>118. <i>Value of taxable commodities transaction</i>—The value of taxable commodities transaction referred to in section 117,—</p><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>a</i>)</td><td></td><td>in the case of a taxable commodities transaction relating to a commodity derivative, shall be the price at which the commodity derivative is traded;</td></tr><tr><td>(<i>b</i>)</td><td></td><td>in the case of a taxable commodities transaction relating to an option on commodity derivative, shall be—</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>i</i>)</td><td></td><td>the option premium, in respect of transaction at serial number 2 of the Table in section 117;</td></tr><tr><td>(<i>ii</i>)</td><td></td><td>the settlement price, in respect of transaction at serial number 3 of the Table in section 117.\";</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>c</i>)</td><td></td><td>in section 128, after the word \"sections\", the figures \"119,\" shall be inserted with effect from the 1st day of April, 2018.</td></tr></table></div>","words":353,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2018/section/218/","note":null,"source_note":"Harvested from the Income Tax Department's own portal at incometaxindia.gov.in, which publishes the Finance Acts section by section. India Code carries none of them: its Central community holds the Acts that stand as general law, and a Finance Act is an amending and rate-fixing instrument.","judgments_note":"Judgment holdings are the ratio decidendi as extracted from the order by eCourts India, reproduced unaltered. Reported judgments only.","licence":"Published with commentary and other original matter under s.52(1)(q)(ii), Copyright Act 1957."}