https://www.taxtmi.com/caselaws?id=163339 The compounded-rate scheme for dealers in gold or silver ornaments or wares is confined to jewellery turnover and does not extend to first-sale turnover of standard gold bullion, which is separately taxable. When computing compounded liability for a later year, tax paid on bullion first sales in the preceding year must be excluded from the base, though purchase tax on bullion used in manufacturing ornaments may be included. Interest under section 23(3) arises only on default, so it is not leviable on tax paid under a compounding order unless a fresh demand is raised and remains unpaid. en-us Mon, 05 Jun 2006 00:00:00 +0530 Mon, 31 Mar 2014 17:26:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=163339 The compounded-rate scheme for dealers in gold or silver ornaments or wares is confined to jewellery turnover and does not extend to first-sale turnover of standard gold bullion, which is separately taxable. When computing compounded liability for a later year, tax paid on bullion first sales in the preceding year must be excluded from the base, though purchase tax on bullion used in manufacturing ornaments may be included. Interest under section 23(3) arises only on default, so it is not leviable on tax paid under a compounding order unless a fresh demand is raised and remains unpaid. Case-Laws VAT and Sales Tax Mon, 05 Jun 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=163339