Smoke And Screens: How Finance Bill 2026 Recalibrates NCCD On Tobacco And STT On Derivatives

| Last updated: 10 February 2026

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The Finance Bill 2026 introduces subtle yet significant changes through Clauses 142 and 143. Clause 142 rationalises the National Calamity Contingent Duty (NCCD) on tobacco products, aiming for greater administrative clarity and consistency without altering the effective tax burden. Clause 143 revises the Securities Transaction Tax (STT) on derivatives, increasing rates to address speculative trading and promote market stability. Both amendments reflect a unified fiscal philosophy focused on behavioural economics and regulatory refinement.

When 'Miscellaneous' Amendments Quietly Shape Fiscal Policy In the domain of taxation, reforms seldom adhere to a predictable pattern. Certain legislative modifications manifest through substantial structural reforms that dominate policy discourse and professional debates. Conversely, others procee

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About the Author

Raj Jaggi

Partner

CA. Raj Jaggi is a Chartered Accountant based in New Delhi, primarily practising in the field of Goods and Services Tax (GST) consultancy, litigation support, and advisory services. After being associated with the leading indirect tax firm A.K. Batra and Associates for nearly 19 years, from June 2007 to March 2026, he ... Read more

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