DEPUTY COMMISSIONER OF SALES TAX (LAW) BOARD OF REVENUE vs G.S. PAI & CO.

The Supreme Court interpreted the terms 'Bullion' and 'specie' under Entry 56 of the Kerala General Sales Tax Act, 1963, holding that ornaments and articles of gold do not qualify as 'bullion' since they are finished products and not raw gold. The Court established that 'specie' refers to coin, not ornaments. Consequently, the ornaments are taxable at the general rate of 3% under Section 5A, not the lesser rate for 'bullion and specie'. Additionally, the Court ruled that G.I. Pipes could only be classified as 'sanitary fittings' if proven to be intended for use in lavatories or bathrooms, placing the burden of proof on the Revenue.