LIVE GST Audit Course by CA Sachin Jain. Register Now!!

jewellery.

17 July 2017

..is there gst applicable or is it exempt from any gst..on buying or selling old gold jewellery...from any person or reseller..like a bank or company.

Reply
Follow
Share

3 Replies

Ravi SADhiyan (Practice) (4510 Points)
Replied 17 July 2017

Yes GST Applicable

According to New clarification Only Individual & HUF exclude under Reverse Charge ( In case of Sale of old Gold )

Conpany who are registered under GST sale old Gold after charge GST

Preeti (Team_GSTSoln) (Team GST Experts) (1926 Points)
Replied 17 July 2017

if the person is in business of reselling old gold then pay gst.

if an individual selling from his saving investment then no need to pay gst under reverse charge- as per press release on 13.07.2017

Auctions Gold (26 Points)
Replied 21 July 2017

banks and nbfc are only custodian of old gold jewellery. .so the are not allowed to trade in it..they can auction on as is where is basis ...only..and make bidders bill as old gold jewellery. no gst must be charged....as custodians are not allowed to trade in sale or buying of old gold jewellery by RBI rules n regulations .if they charge any gst they will have to payback the gst to their clients with penalty and interest by law.