GST ON GOLD PURCHASE BY PARTNERSHIP FIRM

This discussion clarifies the Goods and Services Tax (GST) implications for partnership firms purchasing gold. It addresses whether a firm can claim Input Tax Credit (ITC) on silver purchases and if GST collection is required upon selling. The advice also touches upon the tax treatment of investing in silver Exchange Traded Funds (ETFs) compared to physical silver, confirming that both are taxable if intended for resale, and ITC is claimable.