Old Jewellery sale to attract GST

New Delhi, July 13: India has successfully implemented GST from July 1. The government is running massive awareness camps throughout the country. The government has clarified some of the doubts yesterday.

* Finance Ministry has said that A 3 % GST would be applicable on the sale of Old Jewellery.

* He has also said that input tax credit can be claimed when a trader buys new ornaments from the sale of old jewelry.

* He has also said that 5 % GST must be paid when new ornaments are prepared using the gold from old jewelry because currently 5 % tax is levied on job contracts.

* He has also said that we will soon clarify whether GST would be applicable from the income generated from Ads in websites or Blogs.

Finally, many customers are worried because they would have to pay tax for the sale of old jewelry.