banner_ad

Doubt about Old Gold

Others 452 views 6 replies
User Avatar

7059 Points Posted on 19 November 2021
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.
0 Reply Share Follow
On 19 November 2021 at 18:50 Report
Replies (6)
User Avatar

GST Consultant
15986 Points Posted on 19 November 2021

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

Reply
On 19 November 2021 at 20:18
User Avatar

7059 Points Posted on 19 November 2021
How about tax liabilities when re-making?
Reply
On 19 November 2021 at 20:47
User Avatar

GST Consultant
15986 Points Posted on 20 November 2021

If it is service in nature then GST applicable

Reply
On 20 November 2021 at 09:26
User Avatar

7059 Points Posted on 21 November 2021
How to workout GST Tax when exchanging new Gold Ornaments for Old Gold Ornaments brought from Unregistered Customers?
Reply
On 21 November 2021 at 10:27
User Avatar

GST Consultant
15986 Points Posted on 21 November 2021

Whatever value of gold you are selling including exchange amount you will charge 3% on it.

Reply
On 21 November 2021 at 18:38
User Avatar

7059 Points Posted on 21 November 2021
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?
Reply
On 21 November 2021 at 20:06


CCI Pro
Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!

Leave a Reply

Post Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Recent Topic

More recent discussions | Post

Related Topics
Loading

Latest Job Openings

View all
Company
16 May 2026
Account & Audit Asst

RAHUL KHANDEBHARAD & ASSOCIATES

Nashik

B.Com

View Details
Company
22 May 2026
U.S. Financial Reporting & Consolidation Manager

Karia Overseas

Ahmedabad

CA

View Details
Company
26 May 2026
Audit executive

vdsr & co LLP

Chennai

CA Inter

View Details
Company
14 May 2026
Financial Analyst - Remote Finance Expert

HiringBridge

Ahmedabad

CA

View Details
Company
Featured 28 May 2026
SEMI QUALIFIED/ CA DROPOUTS/ ARTICLES

T R SOOD & CO

New Delhi

CA Inter

View Details
Company
Featured 27 May 2026
Lead Conversion Executive / Sales Closing Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details
Company
12 June 2026
Accounts & Taxation Executive

Winshine Financial Services

Mumbai

CA Inter

View Details
Company
26 May 2026
Senior Accountant cum purchase Manager

Vardhaman Group of India

Pimpri Chinchwad

CA Inter

View Details