All Topic Hindi's video: GST Sale of old gold jewellery will not attract GST on exchange

The sale of old Gold by individuals for a consideration won’t attract the goods and services tax, the finance ministry clarified, providing respite to people who exchange jewellery. “Even though the sale of old gold by an individual is for a consideration, it cannot be said to be in the course of furtherance of his business (as selling old gold jewellery is not the business of the said individual), and hence does not qualify to be a supply per se,” the ministry said in a statement on Thursday. 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 purchases, 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. सरकार ने पुराने गहनों की खरीद-बिक्री पर जीएसटी को लेकर नई सफाई जारी की है। वित्त मंत्रालय ने साफ किया है कि पुराने गहने बेचने पर जीएसटी नहीं लगेगा। 14.07.2017