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Somasundar G

GST calculation on Gold or silver in case of exchange of old

Hi,
In case if I buy silver of 10 gms and exchange old silver of 5 gms (after deduction of wastage) should I pay GST for 10 gms or only 5 gms. more  

Viewed by 504
Sasidharan B
When you buy 10 gms of Silver you need to pay GST for value of 10 grm Your sales is another transaction. You need not pay GST on that whereas the shop keeper has to pay GST on RCM and take ITC wef 01.02.2019 . more  
Arun Singh
There are two transactions involved. 1. Purchase by shop keeper of 5gm. He is supposed to pay GST to you. As you are not registered with GST, you will not get it. It is mainly because to get input credit on selling this 5 gm silver after recycling, he has to show that he has paid GST to a gst registered seller . 2. The sale of 10 gm silver will attract gst from you as consumer. So here also you have to pay. more  
Somasundar G
Hi Thanks,
As stated in point 1 since consumer does't have GST number he is liable to pay entire GST. But seller is getting the recycled silver without paying GST and will charge GST when he sells it. Is I am correct, if it is then its not right way of business as per GST. more  
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