In deep fryer or 2-quart heavy saucepan, heat oil over medium heat to 350°F. Separate dough into 8 biscuits. Using small round cookie cutter, cut 3 holes out of each biscuit.
Gently place 3 or 4 doughnut holes in hot oil. Fry on one side until golden brown. Gently turn with tongs; fry until other side is golden brown. Place on cooling rack; cool 2 to 3 minutes.
Meanwhile, in small bowl, mix sugar and salt; pour onto plate. While doughnut holes are still warm, add to sugar-salt; turn to coat.
In small microwavable bowl, microwave caramel dip on High about 30 seconds or until warm. Serve doughnut holes with warm caramel dip.