Shreyaa Kapoor Instagram – If you are buying gold this season, this video is for you!
It has been observed in a lot of cases shops are charging 3% GST on gold but additional 5% GST on the making charges of the gold. 🙌🏼
On this there has been a simple clarification provided by the CGST Act. 🌱
As per Section 8 of the CGST Act, selling gold ornaments or jewellery is a composite supply of goods and services. The gold used is considered goods and making charges or value addition is towards job work. 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. 🙏🏼
With the rise in gold prices we need to be even more aware of the tax implications that GST brings to the picture!⭐️
Share this with your friends and family!🫶🏼
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[gold, gold prices, GST, tax, tax tips, personal finance, finance hacks, money tips, taxation, gold jewellery] | Posted on 07/May/2024 20:00:08
