TaxTMI 
TaxTMI 
FAQ for GST on Gems & Jewellery dated 18-08-2017
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....nbsp; Where the material is provided free of cost : This would not amount to a supply and hence no tax is payable on such transaction and in such a case credit availed by the company would need to be reversed in accordance with section 17(5) of the CGST Act, 2017. (b) Where the material is provided for a consideration : &n....
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....o an import in accordance with the definition of the word "import" in the IGST Act, 2017 which provides that "bringing into India of any goods from any place outside India" is an import of the goods. What is material in this definition is the mere act of bringing into India; the ownership is not material for determining whether an import has taken place. Banks, being registered entities, would be ....
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....CGST) on ongoing market prices and pay the final GST as and when the prices are fixed? Answer : Yes, Banks may avail of the benefit of provisional assessment provided under section 60 of the CGST Act, 2017. Question 6 : Banks pay provisional VAT currently at the time of delivery of gold on the basis of ongoing market prices. When customer fixes the price of metal, Banks pay actual VAT ....
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....e charge GST @ 3% on the total value or @ 3% on the gold value and @ 5% on making charges? Answer : GST is payable at the rate of 3% of the total transaction value of jewellery, whether the making charge is shown separately or not. Question 8 : When we issue gold as raw material to our Job Worker for Job Work and he returns that gold as finished goods, what GST treatment will be done a....