https://www.taxtmi.com/caselaws?id=164156 Ten gram rectangular gold bars marketed by a bank were classified as gold, semi-manufactured, rather than bullion, because the HSN-based classification rules treated bullion as unwrought gold used as raw material, while the disputed bars were polished, minted and finished products bearing markings and a logo. The Kerala High Court noted that semi-manufactured gold items were separately covered in the Third Schedule before 1 April 2009 and did not fall within the bullion entry. The clarification issued under Section 94 treating the bars as taxable at four per cent was therefore upheld, and the classification challenge failed. en-us Tue, 13 Jul 2010 00:00:00 +0530 Sat, 04 Oct 2014 08:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=164156 Ten gram rectangular gold bars marketed by a bank were classified as gold, semi-manufactured, rather than bullion, because the HSN-based classification rules treated bullion as unwrought gold used as raw material, while the disputed bars were polished, minted and finished products bearing markings and a logo. The Kerala High Court noted that semi-manufactured gold items were separately covered in the Third Schedule before 1 April 2009 and did not fall within the bullion entry. The clarification issued under Section 94 treating the bars as taxable at four per cent was therefore upheld, and the classification challenge failed. Case-Laws VAT and Sales Tax Tue, 13 Jul 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=164156