19 January 2009
i have studies that gold bullion are charged at 1% and those gold found in bulk and there was a notification SBT u/s kerala commercial saying that gold of 5gm 10 gm gold bar are to be charged at 4% so what is it suppose to mean i have filed a return for sale of 1 kg gold purchased from MMTC who charged me 1% so i charged the same but assessing officer has given me a notice of best judegement with based on the notification of SBT so what is it
19 January 2009
Assessing officer is wrong. SBT's clarification is for 10 grams gold which is not applicable for your case. Better seek a clarification from Commissioner since issue is debatable. Clarification may be sought whether your case fit in sl no 1(2) of schedule 2 which attracts only 1% tax.
CAclubindia
