gold
This query is : Resolved
srishty mittal
(Querist)
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????
CMA Ramesh Krishnan
(Expert)
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
NITIN SHARMA
(Expert)
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.
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