Is GST applicable on Old gold?

Is GST applicable on Old gold?

In a major relief for jewellers, the Karnataka Authority for Advance Ruling (AAR) 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.

What is HSN code for jewellery?

HSN Code 7113

HS Code Description GST\%
71131920 JEWELLERY OF GOLD SET WITH PEARLS 3\%
71131930 JEWELLERY OF GOLD SET WITH DIAMOND ,Products include: Platinum Jewellery 3\%
71131940 JEWELLERY OF GOLD SET WITH PRECIOUS AND SEMI PRECIOUS STONES OTHER THAN DIAMONDS 3\%
71131950 JEWELLERY OF PLATINUM GROUP METALS UNSET 3\%

What is the HSN code of gold Bar?

READ ALSO:   How do you tell if a distribution is normally distributed?

HSN Code 7108

HS Code Description GST\%
710811 Gold, incl. gold plated with platinum, for non-monetary purposes 3\%
710812 Gold, incl. gold plated with platinum, unwrought, for non-monetary purposes (excluding gold in powder form) ,Products include: Silver Bar 3\%

Is RCM applicable on purchase of old gold?

‘Sale of old gold will attract GST at 3\% under RCM. ‘ This would check tax evasion as most smuggled gold is sold as old jewellery to evade GST. It was decided that sale of old gold will attract GST at 3 per cent under RCM. Under RCM, the buyer would be liable to collect and deposit the GST with the government.

How do you exchange old gold?

You cannot exchange your old gold for cash or gold coins. Once your exchange value is computed, you can buy any CaratLane jewellery of similar or higher value by paying the excess in cash or card. A declaration form has to be signed by you stating the weight of gold being exchanged.

READ ALSO:   Is Vietnam related to China?

What is HSN code for gold jewellery?

HSN Code 7113

HS Code Description GST\%
71131920 JEWELLERY OF GOLD SET WITH PEARLS 3\%
71131930 JEWELLERY OF GOLD SET WITH DIAMOND ,Products include: Platinum Jewellery 3\%
71131940 JEWELLERY OF GOLD SET WITH PRECIOUS AND SEMI PRECIOUS STONES OTHER THAN DIAMONDS 3\%

What is the commodity code for gold?

71131910
HS Code 71131910 | Harmonized System Code Of Gold, Unstudded.

What is HSN code in gold jewellery?

What is the HSN code for gold ornaments?

Search HS Code

HSN Code Product Description
7113 Articles of jewellery and parts thereof, of precious metal or of metal clad with precious metal
711319 Of other precious metal whether or not plated or clad with precious metal:
71131940 Of gold set with other precious and semi-precious stones

What is the HSN code for a gold coin?

Gold Coin falls under HSN Code 7118 and attracts a 3\% GST rate. HSN code for imitation jewellery of base metal, whether or not plated with precious metals is 7117 11 90. HSN code for imitation jewellery in the form of bangles is 7117 19 10.

READ ALSO:   How can I do diploma after ITI?

What is the HS code for jewellery of gold?

HSN Code 7113 HS Code Description 71131910 JEWELLERY OF GOLD UNSET Products Include 71131920 JEWELLERY OF GOLD SET WITH PEARLS 71131930 JEWELLERY OF GOLD SET WITH DIAMOND ,Prod 71131940 JEWELLERY OF GOLD SET WITH PRECIOUS AND

What is the GST rate for HSN code 7113?

GST rate of 3\% is applicable for all of the above HSN codes. Jewellery of precious metals or of metal clad with precious metals fall under HSN code 7113 as under: All of the above types of gold jewellery with the above HSN codes attract 3\% GST rate. Gold Coin falls under HSN Code 7118 and attracts 3\% GST rate.

What is the HSN code for copper?

Search HS Code HSN Code Product Description 7419 Other articles of copper 741999 Other: 74199990 Other articles of copper 2208 Undenatured ethyl alcohol of an alcoholi