As per Sr No 2 of Sch B of MVAT Act 2002, specifying list of goods for which rate of tax is 1%, rate of tax on silver is 1%.
Now, i want ur opinion on whether any article made of silver, say a statue, will be taxed @ 1%? Similarly, if a trophy (for awarding as a prize) is made of silver, then will the sale of trophy be taxed @ 1%?
CAclubindia
