query on Gold

Read the following it has been taken from the FAQs on Jewellery by the India Bullion & Jewellers Association Limited. I have also attached the Original document here for your reference, 

"11. How the GST will be applied on repairing of jewellery? Ans- GST will be applied on repairing charges only. However if some gold is added while repairing goods, GST is used to be paid on additional gold used for repairing.

13. How will GST apply if a customer wants to convert a chain to a mangalsutra? Ans- Since original product is getting converted to different product, GST will be levied on full value of mangalsutra. However, if it is termed as repairs only than GST will be payable on additional gold value and labour charges."

For Implications repairing will not affect anything but yes registeration of Karigars having high turnover will have implications, further those who are getting their work from other Unregistered Karigars will face RCM that will have Compliance issues and Struggles in my opinion.

Here you go

banks and nbfc are only custodian of old gold jewellery. .so the are not allowed to trade in it..they can auction on as is where is basis ...only..and make bidders bill as old gold jewellery. no gst must be charged....as custodians are not allowed to trade in sale or buying of gold jewellery by RBI.if they charge they will have to payback the gst to their clients with penalty and interest by law.