IGST on precious metal imports required, with input tax credit available and transitional provisions for banks. Provision of advertising material free of cost is not a supply but triggers reversal of input tax credit; provision for consideration is a taxable supply. Imports of precious metals by banks on consignment are treated as imports for GST, with IGST payable and recoverable as input tax credit by banks. Transitional measures allow provisional assessment where prices are fixed later; refunds and interest follow statutory refund provisions. Retail jewellery attracts GST on the total transaction value regardless of separate making charges. Job work is taxable on job charges if the job worker is registered; otherwise tax is payable by the principal under reverse charge with input credit available.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
IGST on precious metal imports required, with input tax credit available and transitional provisions for banks.
Provision of advertising material free of cost is not a supply but triggers reversal of input tax credit; provision for consideration is a taxable supply. Imports of precious metals by banks on consignment are treated as imports for GST, with IGST payable and recoverable as input tax credit by banks. Transitional measures allow provisional assessment where prices are fixed later; refunds and interest follow statutory refund provisions. Retail jewellery attracts GST on the total transaction value regardless of separate making charges. Job work is taxable on job charges if the job worker is registered; otherwise tax is payable by the principal under reverse charge with input credit available.
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