Buys old gold and sells new gold ornaments with exchange and without exchange at a small jewelry shop with GST Number.3% GST colltected on jewelry sold and paid to Government Account.
Do I have to pay GST on the old gold I buy.
What are the Process for remaking the purchased old gold and add in the accounts.
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Doubt about Old Gold
Replies (6)
Quick Summary
No need to pay GST on gold bought under RCM. If the seller is charging GST then you will pay and claim ITC otherwise no payment required. You will pay GST only on your sales
How about tax liabilities when re-making?
If it is service in nature then GST applicable
How to workout GST Tax when exchanging new Gold Ornaments for Old Gold Ornaments brought from Unregistered Customers?
Whatever value of gold you are selling including exchange amount you will charge 3% on it.
When buy old gold from customer of 10 thousand rupees,and return the new gold ornaments for 12 thousand rupees.Then collect @ 3% GST for 10 thousand or 22 thousand?
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