Traders of second-hand gold ornaments not eligible for GST margin scheme
Last updated: 26 July 2023
Court :
AAR, Kerala
Brief :
The AAR, Kerala, in the matter of M/s Best Money Gold Jewellery Ltd. [Advance Ruling No. KER/06/2023 dated March 02, 2023] ruled that value of gold will not diminish even if it is exchanged among 10 different users in a span of 2 years as a jewellery piece of 22 carats remains 22 carats even after changing hands. Thus, the term ‘second hand’ does not hold any meaning when it comes to items such as gold, land, currency. Accordingly, the assessee would not be eligible to value gold ornaments as per Rule 32(5) of the Central Goods and Services Tax Rules, 2017 ("the CGST Rules").
Citation :
Advance Ruling No. KER/06/2023 dated March 02, 2023
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Bimal Jain
Published in GST
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