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Section218
The Finance Act, 2018

Amendment of Act 17 of 2013

In force Act 13 of 2018 As on 11 Oct 2026

Act 13 of 2018 Ministry Finance

Section 218 of the Finance Act, 2018 deals with amendment of Act 17 of 2013. PART XVII AMENDMENTS TO THE FINANCE ACT, 2013 Amendment of Act 17 of 2013 218.

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 transactionRatePayable 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.
Section 218, The Finance Act, 2018 (Act 13 of 2018).

Cross-references

Extracted from the operative text of the enactments themselves. Every destination below exists in our corpus.

This section refers to

  1. s. 116 Substitution of words "Authorised Officer" for the word "Secretary" throughout Act
  2. s. 117 Omission of section 2
  3. s. 118 Substitution of new sections 3, 3A and 3B for section 3
  4. s. 128 Insertion of new section 12A

Questions about Section 218

What does Section 218 of the Finance Act deal with?

Section 218 of the Finance Act is headed "Amendment of Act 17 of 2013". PART XVII AMENDMENTS TO THE FINANCE ACT, 2013 Amendment of Act 17 of 2013 218.

How do I find court cases under Section 218 of the Finance Act?

In judgments and charge sheets this section is written several ways, and each form finds a different set of orders. These search the full text of every order eCourtsIndia holds, best matches first: Finance Act 2018 218, section 218 Finance Act 2018, section 218 of the Finance Act. Each opens the full list of orders on eCourtsIndia, where it can be narrowed by court, year and outcome.

What should I read with Section 218 of the Finance Act, and has it changed?

Its own text turns on section 116 (Substitution of words "Authorised Officer" for the word "Secretary" throughout Act), section 117 (Omission of section 2), section 118 (Substitution of new sections 3, 3A and 3B for section 3), section 128 (Insertion of new section 12A), so none of them can safely be read on its own.

When was the Finance Act enacted?

Finance Act was enacted in 2018 as Act 13 of 2018. India Code records no commencement date for it. It is in force as at the date shown on this page.

Other sections of this Act

Source and method. Compiled from the enactments of Parliament and of the State legislatures as published on India Code, and republished together with commentary and other original matter under section 52(1)(q)(ii) of the Copyright Act, 1957. Structured, cross-referenced and maintained by eCourtsIndia. 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. This page is not a substitute for legal advice.