GST Rate on Gold Jewelry Which is made out of Gold

GST is applicable on Gold and Jewellery that is made out of Gold. GST on Gold is 3% and extra 5% GST would be applicable on making charges. So, GST will be applicable on both – Gold @ 3% and also on making charges @ 5%.

Exp– While purchasing a necklace in which value of Gold is Rs. 100000 and Making Charges is Rs. 5000. In this case calculation of GST and value of Jewellery would be as below-

 

GST Price on Gold Imported from Outside Country

If gold is imported from outside country, NO GST will be applied however, custom duty @10% will be applicable on the value of imported goods. Hence, when a gold is imported out of no GST is payable but you have to pay custom duty @ 10% on value of gold/jewellery as per the situation.

Import of Raw Gold or Semi Raw Gold by Registered Individual or Business –

If Raw Gold, Semi Gold and even Jewellery is imported by the registered business or individual then also Custom duty @10% will be applicable, the custom duty will be added to the cost of imported gold, the indene of which shall be passed to the end user. Also, GST will be applicable on Custom Duty while making sale of Imported Gold in India. The Situation can be understandable form the below example.

Example – ABC ltd. Imported Raw Gold from UAE for Rs. 100000 on which Custom Duty @ 10% will be Applicable. Mr. E (an end user) buys jewellery made out of Imported Goods from ABC Ltd.

ABC Ltd. Apart from cost of gold charged Rs. 10000 as making charges. What will be the Cost of Jewellery to Mr E

The Calculation of Cost of Jewellery to Mr E is as below:

 

Points to Consider While making Purchase of Gold/Jewellery

Below things will save you from payment of extra Tax then what required

  1. Adornments are typically made using 22KT, 18KT and 14KT gold. Lesser the nature of gold – Lower the price will be and lower GST as well.
  2. If any Stone, Gems, Diamonds, etc. are included in Weight and Value of Jewellery make sure that Such Stone, Gems, Diamonds, etc. will be weight and valued differently as their tax treatment is different from Gold.
  3. Prices of Gold are tend to daily changes, so see the price of gold before making purchase.
  4. Make sure the Jewelery/ Gold you purchased is hallmarked/BIS certified.

Enquire with Certicom Consulting in case you have any further queries related to this.

Legal Appeal under GST (Authoritative Guide)

In this article we will discuss the nuts and bolts of raising an application to the top level specialists for example the High Court and the Supreme court.

Taking An Application To The High Court

High Court is the second-most noteworthy appeal discussion accessible under GST for example if that an appellant is not happy with the result of a case (including significant inquiry of law ) as endorsed by the Appellate Tribunal, the appellant can take an appeal against the order to the High Court. Though, it ought to be noticed that the appeal ought to be raised within a half year from the date of issuance of the order (against which the appeal is made).

It ought to be noticed that cases including a significant inquiry of law only are permissible for appeal in High Court. The High Court will plan the generous inquiry of law engaged with any case and hear the appeals based on the inquiry, which is open for argument by the respondent at the time of hearing.

The High Court can settle on any issue which –

(a) has not been controlled by the State Bench or Area Benches OR

(b) has been wrongly controlled by the State Bench or Area Benches, because of the subject of law raised.

For any appeal between at least 2 states or for the conflict of opinion between the State and the Center, the cases will go straightforwardly to the Supreme Court.

Decision made by The High Court

The hearing bench of a high court comprises of atleast 2 High Court Judges. For any order to be passed, the choice will be made dependent on the lion’s share. In case of no result because of distinction in opinion, the case will be heard (constrained to the point of conflict) by atleast one other judge and the final decision will be taken on a lion’s share basis, considering the opinions of both the first and new judges.

Raising An Application To The Supreme Court

Supreme court is the top panel for a lawful appeal under GST. For an appellant isn’t happy with the result of the appeal raised to the High Court, National Bench or Regional Benches, he can raise an appeal to the Supreme Court, subject to High Court’s certification for the application to be fit for appeal to the Supreme Court.

Additionally, as referenced prior, cases including 2 states or differences of opinion between the State and Center will be consequently appealed to the Supreme Court.

Pre-Appeal Conditions – Total Due To Be Paid

According to the GST appeal system to Supreme Court, for an appellant trying to raise an application to the Supreme Court, all total amount because of the Government according to the request passed by the Appellate Tribunal or by the High Court should be paid before appealing to the Supreme Court.

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CAIT demands the extension of GST Annual Return Filing to October 31

Conference of all India Traders (CAIT) on Thursday requested the finance ministry to stretch the last date for filing annual GST return by two months to October 31.

The last date to file the returns is August 31. In a letter to Finance Minister Nirmala Sitharaman, the Conference of All India Traders (CAIT) said endorsed Form GSTR 9 for filing annual return “is still muddled”.

As per this, a few data looked for in the Form are new and in spite of best try traders are finding that its hard to agree to the same.

CAIT National President B C Bhartia said multiple times, the GST system isn’t working productively keeping the traders from uploading the Form.

Its Secretary General Praveen Khandelwal likewise referred to disturbance of internet services in Jammu and Kashmir, and floods in many sections of the nation as an explanation behind extension of due date for filing the return to October 31.

The CAIT also said the GSTR 9 Form ought to be improved to the extent that even a normal trader might be able to file the returns himself. GSTR 9 is an annual return to be filed yearly by tax payers enrolled under GST.

It comprises of insights about the outward and internal supplies made or received under various tax heads.

Looking for further information, contact Certicom Consulting.