GST APPLICABLITY ON EXCHANGING OF OLD GOLD ORNAMENTS
Gold has a long history in Indian history. In India, people typically purchase gold for two purposes: first, as jewellery for special occasions, and second, as an investment that serves as insurance against bad times.
So while buying gold you should be very alert, sellers may use jargons like VA, Wastage & Majuri and GST
The majority of you may be familiar with all of these terminology, but they will scam you out of your GST, especially if you decide to exchange any old jewellery!
Let me explain how they will do this with you
I just encountered this problem, therefore I decided to provide some information on it so that the general public—who might not be aware of these GST issues—could learn something.
When you buy a gold by exchanging your OLD Jewells, seller may deduct some amount from buying price by stating GST & metal loss etc etc . on exchanging old Gold.
Let me tell you one fact here, GST is not applicable and you need not to pay any GST when you sell your old jewels to jewellery shops. The selling price of your old items should be equal to buying price incase of purity of the gold remain same between both. Govt of India Released a Press Release on this matter stating that individuals who sells or exchange their gold need not to pay any GST.
Buying new jewellery in exchange of old gold jewells is very common. And, jewellers also make good profit in this exchange business. Customers can save GST for exchange of old jewellery. But, Sadly some jewellers still fooling the people in the name of GST and making illegal profit.
So next time be careful while buying gold with an exchange of old jewells.
CLICK ON THE LINK BELOW TO DOWNLOAD THE PRESS RELEASE ABOUT THIS ISSUE FROM THE GOVT OF INDIA.
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