Old gold purchase
This query is : Resolved
Mahendar Kumar.D
(Querist)
14 October 2019
Am a jeweller and I have old gold purchased from different customers, so.. now, want to know if I sale this old gold to registered person in case to buy new gold by giving old gold, what is the situation now? Do I pay tax of 3percent ? And also let me know how to file these information ingst
CA R SEETHARAMAN
(Expert)
14 October 2019
1 Yes pay 3 percent tax.
2 Show this sale as B2B sale.
2 Show this sale as B2B sale.
Mahendar Kumar.D
(Querist)
14 October 2019
What incase if I give that old gold purchased from different customers to Goldsmith for making that as a new gold jewellery.
CA R SEETHARAMAN
(Expert)
14 October 2019
It's job work no GST payable on this.
Mahendar Kumar.D
(Querist)
14 October 2019
But I believe I would have to pay 5percent for job work done into finished goods ready to sale by RCM of Goldsmith is unregistered and. Am I right ?
CA R SEETHARAMAN
(Expert)
14 October 2019
Not right it's for job work undertaken from customers.
Mahendar Kumar.D
(Querist)
14 October 2019
So u mean to say that the old gold purchased by me from different customers which I would remake into a new gold jewellery out of the old jewellery would not be charged in gst and it will be charged only if I sell that finished goods to customers . If I purchase gold bar and hand to Goldsmith for making a new jewel then 5% chargeable for making charges and when it comes to purchase of old gold from customers for making new jewellery , making charges not applicable (5%) am I take it this way? Am sorry to bother .please explain
CA R SEETHARAMAN
(Expert)
14 October 2019
GST not applicable on old gold or gold bar sent for job work GST applicable on final sale to customer.
5% GST applicable only on job work directly under taken by gold smith.
5% GST applicable only on job work directly under taken by gold smith.
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