( Author )
28 May 2008
In one of audit observation. I observed that Company is purchasing Old gold from the customer who are not liable to register in the KVAT. The Company is also paying Tax on the URD purchase , that is on the old gold purchase from the customer.
subsequently company is selling that old gold to other company. Now my question is that -
1. Can the company take input credit of the URD purchase sold to the other company.?
2. In the VAT 100 - Box No: 9.4 say about the Value URD purchase to the extent used or sold ------wht does it say?