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Gst on jewellery sales
I am a jewellery seller.i have sold jewellery in b2b transitions.many times I received the consideration in form of bullion in lieu of sale of jewellery.and many times in cash.how will the transation of receipt of bullion will be calculate under gstWill there be gst on sales of jewellery be considered only and receipt of bullion in lieu of consideration will not be considered under gstWill there be separate gst on sale of jewellery and reverse charge on receipt of bullion by the seller of jewellery. I mean will jewellery send will be considered as sales and receipt of bullion as purchase(both as separate transation or single transaction)Is receipt of bullion against jewellery sales is considered as non monetary or as exchange
Replies (1)
Receipt of bullion as consideration could be treated as a supply for the other party provided he is a registered dealer or if he is liable to get registered.
For you, the receipt of bullion is a non monetary consideration and you have to value your jewellery sold at open market value in terms of rule 27 of the CGST rules.
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