GST Gold Jewellery

In Delhi, Bengaluru, and Chennai, the price of ten grams of 22-carat gold stood at Rs 63,490, Rs 63,340, and Rs 64,290, respectively

Karnataka Authority for Advance Ruling has held that in case of resale of second-hand gold jewellery, jewellers have to pay GST only on the profit earned from such sale

As the rollout deadline of the Goods and Services Tax (GST) is nearing, it has created the biggest ever confusion for its applicability regarding gold jewellery.A section of jewellers consider making charges as service charge and therefore, shown separately in the bill. Making charges, when considered as a service, under the definition, the applicable rate of GST would be at 18 per cent considering making charge as service charge as per the draft GST guidelines.Another section of jewellers, however, add making charges in value of jewellery and hence not shown separately but adding it to the price of gold. In this case, the applicable rate under the GST would be 2 per (assumed rate as government is yet to come out with rate for jewellery) cent on the accumulative value of the precious ornaments considering the government continues with the uniform rate on gold and jewellery under the GST."As per the international standard, bills must be made showing making charges separately. For ...

Over 300 tonnes of jewellery made legitimate in last four months as GST deadline nears