(Manisha Mahar, Intern Journalist); Now on selling old gold or gold jewelery, you may have to pay Goods and Services Tax (GST) of three per cent. It can be decided in the next council of GST. Kerala Finance Minister Thomas Issac has given this information. This means that if the old jewelery is sold to people, the profits will be reduced already.
Thomas Issac said, “Recently a proposal to impose a three percent Goods and Services Tax (GST) on the sale of old gold and jewelry in a group of state finance ministers (GoM) has almost been agreed. ‘It has been decided to impose 3% GST on the sale of old gold through RCM (Reverse Charge Mechanism). Now the committee officials will consider its modalities. That is, after the implementation of the new system, if a jeweler buys old jewelry from you, then he will charge a three percent GST as a reverse fee. If you sell old jewelry worth one lakh rupees, then 3000 rupees will be deducted as GST.”
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