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reverse charge on old gold jewellery
I am a gst regular dealer I purchased old gold jewellery what tax paid reverse tax and what limit
Replies (5)
If you have purchased old gold from a customer you need not to pay GST under RCM. But if you are buying from un registered dealer you are to pay GST @ 3% under reverse charge and ITC for the same is available to you.
if your purchase in a day is less than 5000 rs.. then no GST
if more than 5000, gst @ 3%
if more than 5000, gst @ 3%
What is the meaning of 5000. in this case
example
on date 1.7.17 you purchased from urd rs 6000
then gst payable on 6000 rs
if purchase from urd is4999 rs.
then no gst payable
on date 1.7.17 you purchased from urd rs 6000
then gst payable on 6000 rs
if purchase from urd is4999 rs.
then no gst payable
If I'm buying 100000 old gold from customer then what happen
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