To be defined as Investment Precious Metals, precious metals bars, ingots and wafers, must satisfy all of the following criteria: a) It is either gold of at least 99.5% purity, or silver of at least 99.9% purity, or platinum of at least 99% purity; and b) The precious metal bar, in...
Defining precious metal Under Australian GST law, a precious metal exempt from GST is defined as either: gold (in an investment form) of at least 99.5 per cent fineness silver (in an investment form) of at least 99.9 per cent fineness platinum (in an investment form) of at least 99 per...
“Refined materials” refers to the acquisition of gold metal any fineness not in investment form – all supplies of such gold to the taxpayer were taxable supplies on which GST was payable by the suppliers; “Division 165 Supplying Entities or Fraudulent Suppliers” refers to those entities that...
Service Accounting Code, also known as SAC, is the code issued by the Central Board of Indirect Tax & Customs (Service Tax Department) to classify and identify the services offered. Each Service provided has a unique SAC code precisely like a unique HSN for different categories of products. P...