gold
This query is : Resolved
14 July 2011
when old gold ornament is exchanged for a new gold ornament is purchased by a person (not ordinarily dealing in gold).can he/she save tax by not paying VAT legally on the new ornament? if yes, how????
14 July 2011
All state VAT acts are having basic exemption limit, if a person not dealer of gold exchanging the gold for old, so he may not cross the basic exemption limit also.
also if purchaser is dealer of goods, he might have pay for purchasing the gold from unregister person
also if purchaser is dealer of goods, he might have pay for purchasing the gold from unregister person
15 July 2011
No one can't avoid vat legally on new ornhament as you stated that he/ she is not dealing in golad therefore he/ she can't take benifit of itc as this benbifit is available only for a registered dealer.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- REGARDING GST ON COMMERICIAL PROPERTY
- Is this income indian or foreign income?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- TDS U/S. 194NF
- ITC temporary reversal and reclaim
- GST on export of services and Input Credit
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- Applicable TDS rate for sale of property in Nov 2024
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- Is online PGCE worth it?
- ITC c/f from FY2022-23 to FY2023-24 entered the same in table 8C of GSTR9 of FY 2022-23, in FY23-24
- Late filling fees Demand by gst office
- IGST Credit-Show cause notice issued-confusion
- Short and Excess provision of expenses
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
Trending Online Classes
CAclubindia
