https://www.taxtmi.com/highlights?id=66911 Concessional rate of tax (CST) 3% or 2% of CST - oxygen gas used as raw material - when it has been found that the oxygen gas is used as a ‘refining agent’ and its main function is to reduce the carbon content as per the requirement, the oxygen gas cannot be said to be a “raw material” used in the manufacture of the end product – steel - the respondents are not entitled to the concessional rate of tax @ 2% treating the same as “raw material” in the manufacture of the end product and are liable to pay tax @ 3% on the sale thereof. - SC en-us Mon, 05 Dec 2022 15:10:29 +0530 Mon, 05 Dec 2022 15:10:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=66911 Concessional rate of tax (CST) 3% or 2% of CST - oxygen gas used as raw material - when it has been found that the oxygen gas is used as a ‘refining agent’ and its main function is to reduce the carbon content as per the requirement, the oxygen gas cannot be said to be a “raw material” used in the manufacture of the end product – steel - the respondents are not entitled to the concessional rate of tax @ 2% treating the same as “raw material” in the manufacture of the end product and are liable to pay tax @ 3% on the sale thereof. - SC Highlights VAT and Sales Tax Mon, 05 Dec 2022 15:10:29 +0530 https://www.taxtmi.com/highlights?id=66911