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(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????
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CMA Ramesh Krishnan

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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
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NITIN SHARMA

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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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