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MumbaiMarch 22The Maharashtra Government has exempted online commodity transactions done through exchanges located in the State from payment of stamp duty provided both the broker and purchaser are from outside the State.

The exemption will be with retrospective effect from April 1, 2006.

This is because the State government had granted similar exemption to transactions in the capital market last year.

The Government has now extended the same relief to commodity trades from the same date.

This was announced by Mr Jayant Patil, State Finance Minister in his Budget (for 2007-08) speech.

The exemption will provide relief to investor trading on national commodity exchanges such as MCX and NCDEX. Several commodity traders located outside Maharasthra are members of these exchanges.

The Government has also declared an amnesty scheme for registered and unregistered taxpayers defaulting on payment of profession tax.

"If they pay the due amount in respect of periods starting April 1, 2002, they will be exempted from any demand relating to earlier periods," Mr Patil said.

The Government realised that there is substantial arrears of tax, interest and penalty with registered taxpayers with regard to profession tax. The details of the scheme will be announced soon, the Minister said.

(This article was published in the Business Line print edition dated March 23, 2007)
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