It would be more expensive for you to buy gold, silver and diamond jewelry. That’s what you have to do to buy cash from cash purchases and follow the rules for getting cash. Overall, it is necessary to know these rules to buy or sell jewelry from July 1.Transaction will be record
If you sell more ornaments worth more than ten thousand to the jeweler, the jeweler will do the same with his payment. That is, if you sell 4 or 5 grams of jewelry and it costs Rs 11,000, even then the jeweler will pay you with the check. All records will be automatically recorded through check. You will have to show the old ornaments selling income in the income tax return.Will pay 2 times tax!
Suppose you buy new ornaments by selling ornaments to jewelers, you have to pay tax twice. This is because in this case the customer is a non-registered dealer from whom Jivellar is buying gold. Jewelry will be given 3 percent reverse charge to the government and the government will not get a return on it. In such a case, Givellor will take the charge from the customer. On buying a new jewelry there, you could be 3 percent different. S. T. Will be given.Gold will be heavier, expensive
If you do not want to sell old gold only, you want to tax it, you have to pay tax. Because it will charge 5% on labor charges, which would make gold value addition expensive. It may be recalled that prior to making the jewelry, the service tax was not charged but now it will be the service tax. From 1 July, buying gold, silver and diamond jewelry will be taxed by 3 percent. Similarly, when selling the old jewelry lavaliere, 3 percent reverse charge will be paid.
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