What is the rate of GST on jewellery making charges ?

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Advocate & Tax Consultant
4698 Points Posted on 22 April 2021

What is the GST rate on jewellery making charges (SAC 998892) ?

Can a Goldsmith (who makes jewellery but doesn't sell) opt for composition scheme ? if yes, then what will be the GST rate ?

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On 22 April 2021 at 18:43 Report
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Quick Summary
This discussion clarifies the Goods and Services Tax (GST) applicable to jewellery making charges, specifically for SAC code 998892, which is 18%. It explores whether goldsmiths who only make jewellery, not sell it, can opt for the composition scheme, confirming they can. If they choose the composition scheme, the GST rate reduces to 6%. The thread also touches upon ITC (Input Tax Credit) claims for goldsmiths under the regular scheme.

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Proprieotr
30 Points Posted on 22 April 2021
18 %. yes opt for composition scheme.then gst rate is 6%
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On 22 April 2021 at 19:35
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2742 Points Posted on 22 April 2021
18%in regular scheme
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On 22 April 2021 at 19:52
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Advocate & Tax Consultant
4698 Points Posted on 22 April 2021

Is there any option to claim ITC for Goldsmiths (Jewellery makers, not sellers) ? If yes, then from which items they can claim ITC ?

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On 22 April 2021 at 20:23
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Chartered Accountant
24588 Points Posted on 22 April 2021
GST RATE ON SAC CODE - 998892 IS 18%
Yes composition scheme can be opted
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On 22 April 2021 at 21:10
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Advocate & Tax Consultant
4698 Points Posted on 22 April 2021

But in case of job work of registered customers, the GST rate is 5%. Am I right?

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On 22 April 2021 at 21:12
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Chartered Accountant
24588 Points Posted on 22 April 2021
Yes you are right
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On 22 April 2021 at 21:18
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Advocate & Tax Consultant
4698 Points Posted on 22 April 2021

Also tell me, can a Goldsmith (Jewellery maker, not seller) claim ITC in regular scheme? If yes, then on which items ITC should be claimed?

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On 22 April 2021 at 21:20

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