What Is Gst Rate On Gold Jewellery

As seen above the rates of both the gold and making charges are different.

What is gst rate on gold jewellery. Gst will be charged at 3 on the value of gold and the making charges. While purchasing gold jewellery or other gold items the end consumer will have to pay 3 of the taxable value mentioned on the invoice. Customs duty will continue to be 10 and processing charges will be taxed at 5.

Since most gold sold in india are through face to face sale only cgst and sgst would be applicable on the purchase. Gst rates on gold jewellery. In other words all gold and gold related jewellery would be taxed at a flat rate of 3 which would be borne by the end consumer.

10 customs duty on gold being imported from overseas. The gst on gold jewellery 2020 translates to 5 levied on making charges. Gold jewellery will attract 3 goods and services tax gst.

5 gst on making charges of the gold jewelry. Gst on gold making charges in the case of jewellery two charges are involved that is an amount of gold and jewellery making charges. Revised tax rates on gold jewelry under gst.

Since most gold sold in india is through offline mode only sgst and cgst would be applicable to the purchase. Gst rate for gold for gold jewelry precious stones and metals the gst rates are pegged at 3. Typically gst on gold jewellery is either in the form of a fixed charge or as a fixed percentage on gold value.

1 00 000 the jeweller will charge gst 3 on rs. Approximate industry average processing charges are around 12 of gold price. 3 gst on the value of gold in the jewelry.