GST will be imposed on old gold jewelery, know what will be the effect in shopping
Category:GSTModi is also the Finance Minister of Bihar. He suggested adopting an e-bill to prevent tax evasion on gold.
GST will be imposed on old gold jewelery, know what will be the effect in shopping
The proposal to impose a three per cent Goods and Services Tax (GST) on the sale of old gold and jewelery in a group of state finance ministers (GoM) is almost in agreement. Kerala Finance Minister Thomas Issac gave this information on Friday. Gold price again caught pace, this is today’s expected rate
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The GoM has also said that states can make e-way bill mandatory for transporting gold within the respective state. However, the GoM believes that the implementation of the e-way bill for transporting gold from one state to another will not be practical. The GoM has also decided that gold and jewelery shops will have to withdraw e-invoices (e-bills) for every purchase and sale.
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The Group of Ministers includes Finance Ministers of Kerala, Bihar, Gujarat, Punjab, Karnataka and West Bengal. This Group of Ministers was formed to review the implementation of the e-way bill for transportation of gold and precious gems.
E-way bill will be mandatory
The Group of Ministers met through a video conference. Bihar Deputy Chief Minister Sushil Modi said, “It has been decided that if a state wants to implement e-way bill for gold, it can do so in cases of sending gold from one place to another within the state.” Can.
During the meeting, Kerala and Karnataka wanted to implement the e-way bill for transport between the states. At the same time, Gujarat and Bihar believed that it is not practical and viable. Modi is also the Finance Minister of Bihar. He suggested adopting an e-bill to prevent tax evasion on gold.
If the government imposes this rate of , then you will also have to pay three percent GST on the amount you will get for selling gold in future. This clearly means that selling gold will become expensive in the future.