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New Delhi, July 18 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.The ruling was made in reference to the application filed by Aadhya Gold Pvt Ltd seeking clarity whether goods and services tax (GST) is to be paid only on the difference between the selling price and purchase price as stipulated under Rule 32(5) of CGST Rules, 2017, if the applicant purchases used or second-hand gold jewellery from individuals and there is no change in the form or the nature of goods at the time of sale.The AAR noted that the GST is payable only on the margin between the sale price and the buying price, as the applicant was not changing the form of the jewellery to bullion and then to new jewellery, but was only cleaning and polishing it without changing its nature and form.According to experts, the development would reduce the GST payable on resale of used jewellery."In case of applicant dealing in second hand goods and invoicing his supplies 'second-hand goods', the valuation of supply of second-hand gold jewellery which are purchased from individuals who are not registered under GST and there is no change in the form and nature of such goods, can be made as prescribed under sub-rule (5) of Rule 32 of the Central Goods and Service Tax Rules," it said.Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

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Karnataka authority for advance ruling, Latest News

International :GST payable only on profit earned from resale of gold jewellery

New Delhi, July 18 In a major relief for jewellers, the Karnataka Authority for Advance Ruling (AAR) has ... ...