uttar pradesh vat rate on silver foil
This query is : Open
Querist : Anonymous
Querist :
Anonymous
(Querist)
27 February 2010
WE HAVE PURCHASED IN UTTAR PRADESH SILVER FOIL CALLED VARKH FROM M/S ABC TAXED @ 1%. THIS ITEM IS USED IN MITHAI AND MEETHI SUPARI. IN OUR CASE THE A.C. IS OF THE CONTENTION THAT THE SILVER FOIL IS NOT ARTICLE OF SILVER AND SHOULD BE TAKEN IN THE 12.5% VAT TAX RATE. IN WHAT COMMODITY AND TAX RATE SHOULD THE SILVER FOIL CALLED VARKH BE TREATED IN UP
26 March 2011
Dear Anonymous
The silver foil(varkh)will not come under schedule III where Bullion, siver, gold articles along with other items will be taxed at 1%
The silver foil it self is a item known with its own nomenclature Though it is made from silver. To bring every thing made from silver under schedule III will be wrong.
Let us take an example if a machinery part is made of pure silver, we can not take that to be an article of silver, certainly it is a machinery part and will be taxed as such.
Similarly Varkh (silver foil) though made of silver it can not be caller an article of silver.
I will certainly go with the learned A C and silver foil will not fall in the IIIrd schedule.
Vijay Gupta
OTM JEWELLERY (P) LTD
The silver foil(varkh)will not come under schedule III where Bullion, siver, gold articles along with other items will be taxed at 1%
The silver foil it self is a item known with its own nomenclature Though it is made from silver. To bring every thing made from silver under schedule III will be wrong.
Let us take an example if a machinery part is made of pure silver, we can not take that to be an article of silver, certainly it is a machinery part and will be taxed as such.
Similarly Varkh (silver foil) though made of silver it can not be caller an article of silver.
I will certainly go with the learned A C and silver foil will not fall in the IIIrd schedule.
Vijay Gupta
OTM JEWELLERY (P) LTD
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Reopen of assessment proceeding
- Depreciation of fixed assets- coop housing society in mumbai
- TDS on Consultancy- Non DTAA
- Rental income gst and it purpose
- EPF FULL & FINAL RULES IN 2026
- Experts need help
- Management System (IMS)
- Condonation . E-Verification of last year return .
- FTS Taxable under 115A
- COMMERCIAL INVOICE FOR MATERIAL AND FREIGHT
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
