sale of jewellery by Banks and other financial institutions

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sale of jewellery by bank / Nidhi companies through Auction- NPA by themselves or throgh agents. Whether GST will be applicable

AI Summary

Sale of Jewelry by Banks and Nidhi Companies in Auctions Liable for GST under Section 7(1)(a) of CGST Act 2017. A discussion on a forum addressed whether the sale of jewelry by banks or Nidhi companies through auctions, particularly for non-performing assets (NPA), is subject to Goods and Services Tax (GST). One participant cited Section 7(1)(a) of the CGST Act, 2017, stating that such sales constitute a 'supply' and are thus liable for GST. Another participant concurred, affirming that the outward supply of jewelry by banks is indeed a taxable supply under the GST framework.