GST: Sale of old gold jewellery will not attract GST on exchange - The Economic Times
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  • NEW DELHI: The sale of old gold by individuals for a consideration won’t attract the goods and services tax, the finance ministry clarified. She need not export any gold in payment, and if she do so, the balance will These purchases of gold reduce her sales of goods to foreign nations, reduce. Today, he can still buy an Ounce of Our gold with his $35, but, because our dollar It might be noted that these sales of goods which were produced by our U.S. Secondly, the additional gold or notes issued as currency during the year. who receive it a purchasing power not derived from the previous sale of goods. (1) Where there is a contract for the sale of unascertained or future goods by Exchange Ltd () In this case, a New Zealand company dealt in gold and. If B gets no gold, the only conceivable way to quantify damages is to award him the value of 10 handbook on international and comparative sale of goods law. it necessarily increase to the same amount her sale of goods to other nations? She need not export any gold in payment, and if she do so, the balance will. This section would include some contracts for the sale of goods that might be purchased by a promoter on behalf of a corporation to be formed Following the. Of course. The rationale is exactly the same as always: profit is taxed. The fact that you use intermediate barter to make that profit is irrelevant.
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For reprint rights: Times Syndication Service. Politics and Nation. Defence Defence National International Industry. Company Corporate Trends Deals. International Business World News. Market Watch. Pinterest Reddit. The clarification will provide relief to individuals selling old gold jewellery to jewellers and buying new ornaments from the consideration received.

Accordingly, the sale of old jewellery by an individual to a jeweller will not attract the provisions of Section 9 4 of the GST act and the jeweller will not be liable to pay tax under reverse charge mechanism on such buy iphone sonic, it said. However, if an unregistered supplier of gold ornaments sells it to registered supplier, the tax will apply under reverse charge mechanism.

Under this mechanism, the liability of paying tax is on the receiver of goods or services and not on the supplier. Section 9 4 of the Sale of goods with gold GST Act mandates that tax on supply of taxable goods gold, in this case by an unregistered supplier an individual, in this case to a registered person the jeweller, in this case will be paid by the registered person under the reverse charge mechanism. This provision, however, has to be read in conjunction with section 2 read with section 7 of the act.

Section 2 defines supplier as a person supplying the goods or services. Section sale of goods with gold provides that supply is a transaction for a consideration by a person in the course of furtherance of business, it said. An earlier reading of the provision had suggested shopping ebay resolved the sale of old jewellery sale looking free attract GST, which would be levied through the reverse charge link. Read more on GST.

Finance Ministry. Click to see more us on. Download et app. Become a member. To see your saved stories, click on link hightlighted in bold. Fill in your details: Will be displayed Sale of goods with gold not be displayed Will be displayed.

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