Further clarification on tax in reverse charge on gold ornaments;
GST
Dated:- 14-7-2017
Further clarification on tax in reverse charge on gold ornaments;
Sale of old jewellery by an individual to a jeweller will not make the jeweller liable to pay tax under reverse charge mechanism on such purchases;
However, if an unregistered supplier of gold ornaments sells it to registered supplier, the tax under RCM will apply.
In the GST Ki Master Class held yesterday, in one of the replies given to an on-the-spot-question, it was informed that purchase of old gold jewellery by a jeweller from a consumer will be subject to GST @ 3% under reverse charge mechanism in terms of the provisions contained in Section 9(4) of the CGST Act, 201
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