UN BRANDED GOLD COIN

[SANJAY KUMAR SINGH]

Dear All,

As per sl.no. 200 vide Notification no. 12/2012 , gold & silver coin is to be exempted from excise tax , but subject to three conditions ;

1. The coin should be of purity greater then 99.5% or 99.9% for gold & silver respectively.
2. It should bear a brand name
3.  It should be made from gold on which  excise and custom duty has been paid

Now what will be rate for precious metal coin with un branded or purity less than 995 or both. Can we use sl.no.192 interpretation for the unbranded but with purity greater then 99.5% or 99.9% for gold & silver respectively.

When both branded & unbranded jew of any purity is out of purview of excise duty , then why there is separate treatment of coin with less purity. Any valuable clarification or comments.

Regards

SANJAY

AI Summary

Clarification Sought on Excise Tax Exemption for Gold and Silver Coins Under Notification No. 12/2012 Based on Purity Levels A participant in a discussion forum inquired about the excise tax exemption for gold and silver coins under Notification No. 12/2012. The exemption applies if the coins are of purity greater than 99.5% for gold and 99.9% for silver, bear a brand name, and are made from gold on which excise and customs duties have been paid. The participant questioned the tax rate for unbranded coins or those with lower purity and sought clarification on whether a different interpretation could apply. A respondent asked if the participant had received any clarification on the matter.