![]() The CBIC has clarified this in its sectoral FAQs on what is the GST on gold, including GST on gold rate. Since the principal supply is the sale of gold, the GST rate of 3% shall be levied instead of 5% on the total value of jewellery, whether or not making charges is shown separately. The gold used is considered goods and making charges or value addition is towards job work. GST rates on gold purchase and GST on gold makingĪs per Section 8 of the CGST Act, selling gold ornaments or jewellery to the common man is a composite supply of goods and services. Job work in relation to cut and polished diamonds, plain or studded jewellery of gold, silver and so on (2) Ungraded precious stones (other than diamonds) and semi-precious stones, temporarily strung for convenience of transport (includes synthetic or reconstructed stones, apart from unworked or simply sawn or roughly shaped)ĭiamond, gold, pearls, silver, or articles of jewellery of silver or gold, and so on, including synthetic or reconstructed stones, unworked or simply sawn or roughly shapedħ101, 7102, 7106, 7107, 7108, 7109, 7111, 7113, 7114, 7116, 7118 (1) Precious stones (other than diamonds) and semi-precious stones, whether or not worked or graded but not strung, mounted or set Under Section 7 of the CGST Act, the supply of gold (without any job work) is considered the supply of goods. Gold bars or gold jewellery fall within the definition of ‘Goods’ as per the GST law. However, an additional cess called Agriculture Infrastructure And Development Cess (AIDC) will be levied at 2.5% above it. The basic customs duty on gold and silver is reduced from 12.5% to 7.5%. Part-B details cannot be updated by default for security reasons. National Informatics Centre (NIC) released an update on the e-way bill portal for a separate window to generate e-way bills for the movement of gold, gold jewellery and precious stones. On the other hand, basic customs duty continues to be collected on the import of gold from other countries and the levy of IGST. Tax on the making charges on gold jewellery was introduced under GST. GST subsumed VAT, service tax, excise duty and several other indirect taxes charged on domestic transactions. GST on gold in various forms is discussed at length in this article. Benefits of invoicing software for small businesses.Documents Required For GST Registration.GSTR-4: Return Filing, Format, Eligibility & Rules.GSTR-1 – Return Filing, Format, Eligibility & Rules.ClearTax GST Software- How to Create All Types of Sales Invoices.GSTR 9C : Reconciliation Statement & Certification- Filing, Format & Rules.Budget 2022 Highlights : PDF Download, Key Takeaways, Important Points.47th GST Council meeting: Latest News, Highlights and Updates. ![]()
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