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reverse charge on old gold jewellery

RCM 739 views 5 replies
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ACCOUNTANT
1 Points Posted on 07 September 2017
I am a gst regular dealer I purchased old gold jewellery what tax paid reverse tax and what limit
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On 07 September 2017 at 15:59 Report
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1464 Points Posted on 07 September 2017
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.
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On 07 September 2017 at 16:26
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accountant
953 Points Posted on 07 September 2017
if your purchase in a day is less than 5000 rs.. then no GST

if more than 5000, gst @ 3%
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On 07 September 2017 at 16:28
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1464 Points Posted on 07 September 2017
What is the meaning of 5000. in this case
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On 07 September 2017 at 22:52
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accountant
953 Points Posted on 07 September 2017
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
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On 07 September 2017 at 23:25
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20 Points Posted on 05 October 2019
If I'm buying 100000 old gold from customer then what happen
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On 05 October 2019 at 23:21


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