Tamilnadu VAT - Jewellery
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
26 February 2010
Hi Whether VAT is required tobe paid on purchase of Old Silver items from Customer?
18 April 2010
Please explain your case, whether u are a dealer in silver etc.?
Querist : Anonymous
Querist :
Anonymous
(Querist)
19 April 2010
Thank u for ur reply sir. We are a Jewellery Retailer. We get old silver items from customers in exchange of new items. For Eg:
New item - 50 gms @ Rs.30 per gm = Rs.1500
Old item - 40 gms @ Rs.22 per gm = Rs.880
After reducing old from the new, we will receive cash of Rs.620.
I need to know whether VAT attracted for the purchase of Old items from the customer as URD Purchase?
New item - 50 gms @ Rs.30 per gm = Rs.1500
Old item - 40 gms @ Rs.22 per gm = Rs.880
After reducing old from the new, we will receive cash of Rs.620.
I need to know whether VAT attracted for the purchase of Old items from the customer as URD Purchase?
26 March 2011
Dear Anonymous
Fortunately there is no Vat applicable on Purchase, of the kind you are explaining. Hopefully you are purchasing this old silver articles from your retail customers, they are not registered with Vat.
Whenever you will be selling old silver as it is or after refining and making jewellery/articles you will be charging Vat from your customers.
Vijay Gupta
OTM JEWELLERY (p) LTD.
Fortunately there is no Vat applicable on Purchase, of the kind you are explaining. Hopefully you are purchasing this old silver articles from your retail customers, they are not registered with Vat.
Whenever you will be selling old silver as it is or after refining and making jewellery/articles you will be charging Vat from your customers.
Vijay Gupta
OTM JEWELLERY (p) LTD.
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