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kerala vat whats is the %of tax charged on 1kg gold bar

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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
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
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.
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