Tamilnadu VAT - Jewellery
Querist : Anonymous
Querist : Anonymous
New item - 50 gms @ Rs.30 per gm = Rs.1500
Old item - 40 gms @ Rs.22 per gm = Rs.880
After reducing old from the new, we will receive cash of Rs.620.
I need to know whether VAT attracted for the purchase of Old items from the customer as URD Purchase?
Fortunately there is no Vat applicable on Purchase, of the kind you are explaining. Hopefully you are purchasing this old silver articles from your retail customers, they are not registered with Vat.
Whenever you will be selling old silver as it is or after refining and making jewellery/articles you will be charging Vat from your customers.
Vijay Gupta
OTM JEWELLERY (p) LTD.
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