Massive fire in GST Bhavan; sale of goods with gold evacuated, no casualty. Panel to give feedback on new GST shoe sale wild. All rights reserved.
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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