A registered jewellery business dealer purchase of old gold jewellery from registered and sell same after polishing and cleaning. question: dealer above transaction margin scheme or normal scheme selling treatment in gst act
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Quick Summary
This discussion clarifies the Goods and Services Tax (GST) implications for jewellers buying and selling second-hand gold. It explains that while the Margin Scheme is available for second-hand goods, the specific application to polished and cleaned old gold jewellery requires careful consideration under Rule 32(5) of the IGST Act. The consensus is that GST must be charged on the transaction.