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RCM on old jewellery

PARMOD KUMAR GARG (PROP.) (29 Points)

02 August 2017

rcm on old jewellery applicable
or not

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13 Replies

Ravi SADhiyan (Practice) (4510 Points)
Replied 02 August 2017

Not Applicable If Purchase from individual & HUF

CA Rashmi Gandhi (Chartered Accountant) (86500 Points)
Replied 02 August 2017

Not applicable.........

Vinay Garg (Student cum businessman cum professional) (859 Points)
Replied 02 August 2017

Not applicable as of now (as per govt). But if we read law, it is applicable. So if we talk about future the govt may make it taxable under RCM

CA Rashmi Gandhi (Chartered Accountant) (86500 Points)
Replied 02 August 2017

It is earlier taxable but Govt by notification exempt it....

CA Rashmi Gandhi (Chartered Accountant) (86500 Points)
Replied 02 August 2017

So no chances to change in future.

Vinay Garg (Student cum businessman cum professional) (859 Points)
Replied 02 August 2017

Ms Rashmi Gandhi, it would be great if you can provide the notification number?

CA Rashmi Gandhi (Chartered Accountant) (86500 Points)
Replied 02 August 2017

https://www.google.co.in/search?hl=en-US&ie=UTF-8&source=android-browser&q=no+gst+on+old+jewellery&gfe_rd=cr&ei=Du2BWbGlHOvy8AfXmYHIAw&gws_rd=ssl#gfe_rd=cr&gws_rd=ssl&xxri=3

Vinay Garg (Student cum businessman cum professional) (859 Points)
Replied 02 August 2017

I dont find any notification in this regard. A press release or statement does not constitute law. If there is any legal reference please provide.

CA Rashmi Gandhi (Chartered Accountant) (86500 Points)
Replied 02 August 2017

Check Notification No.10/2017-Central Tax (Rate) dated 28 June 2017

1 Like

Vinay Garg (Student cum businessman cum professional) (859 Points)
Replied 02 August 2017

Thank you very much.

CA Rashmi Gandhi (Chartered Accountant) (86500 Points)
Replied 02 August 2017

Welcome.......

CA NEHA RAMPURIA (Taxation Consultant) (1823 Points)
Replied 02 August 2017

if the registered dealer purchases it from a unregistered person, who is not in any jewllery business, then tax on rcm, howerer if such person purchases from an unregistered dealer, engaged in business, then tax charged on rcm basis