GST ON the sale of gold
This query is : Resolved
vijayakumar
(Querist)
30 December 2021
Respected elders,
wish all of u a very healthy , happy year of 2022.
My query. I had bought a bunch of shares , sold them in 10 months.-Paid short term capital gains. With this money, I bought 1 lac worth of gold coin.The shop chargd me 1.5 +1.5 % GST on this.. After 6 months I wanted to sell this gold coin. This time the jeweler did not account for GST & even reduced 3 % on the value ( of the selling rate on the selling day of the gold ).
Is this procedure correct or how do we avoid the loss.
VIJAYAKUMAR
wish all of u a very healthy , happy year of 2022.
My query. I had bought a bunch of shares , sold them in 10 months.-Paid short term capital gains. With this money, I bought 1 lac worth of gold coin.The shop chargd me 1.5 +1.5 % GST on this.. After 6 months I wanted to sell this gold coin. This time the jeweler did not account for GST & even reduced 3 % on the value ( of the selling rate on the selling day of the gold ).
Is this procedure correct or how do we avoid the loss.
VIJAYAKUMAR
Gokul Sharma
(Expert)
30 December 2021
jeweller buying old jewellery from someone will charge 3% GST under reverse charge. So, if old jewellery worth Rs 1 lakh is sold, a GST of Rs 3,000 will be deducted.
But, if the jewellery is sold and new one bought through the proceeds, the 3% tax paid will be deducted from the Goods and Services Tax (GST) payable on buying new jewellery.
But, if the jewellery is sold and new one bought through the proceeds, the 3% tax paid will be deducted from the Goods and Services Tax (GST) payable on buying new jewellery.
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