GST input eligible for jeweler Business
This query is : Resolved
22 December 2024
whether Jewelers can claim GST input for different type of services or Goods received.
if any ineligible then please reply.
if any ineligible then please reply.
22 December 2024
Jewelers can claim ITC on inputs such as gold, capital goods, and packing materials used in their business. This includes job work charges paid to artisans or goldsmiths who are registered under GST.
According to Section 17(5) of the CGST Act, certain items are excluded from ITC claims. For instance, gifts and free samples do not qualify for ITC. Therefore, if a jeweler provides promotional items without charge, they cannot claim ITC on those costs.
When an unregistered person sells old jewellery to a registered jeweler, this transaction is generally not subject to GST under RCM as it does not constitute a supply in the course of furtherance of business for the seller. Hence, no ITC can be claimed in such cases.
According to Section 17(5) of the CGST Act, certain items are excluded from ITC claims. For instance, gifts and free samples do not qualify for ITC. Therefore, if a jeweler provides promotional items without charge, they cannot claim ITC on those costs.
When an unregistered person sells old jewellery to a registered jeweler, this transaction is generally not subject to GST under RCM as it does not constitute a supply in the course of furtherance of business for the seller. Hence, no ITC can be claimed in such cases.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Refund Annexure-B
- Nomination of Bank for refund in itr 2
- Section 56(2) of the Income tax Act 1961 , Gift to relative .
- Sale of Equity shares for Purchase of Residential Property
- Liable to deduct tds and 44ADA
- Non issue of e way bill
- Gstr7 vs Gstr3b 2026
- Gst return - cess
- Subscription paid to foreign customer
- E Commerce GSTR1 & 3B how to file
- Internship/Academic shown in Salary Pay Slip of a Doctor
- TDS PROCEDURE ON SALE OF IMMOVABLE PROPERTY BY NRI
- Refund of 20%pre-deposit paid for stay application
- ASISSE return under the provisions of the Collection of Statistics Act, 2008 (7 of 2009)
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
