GST ON EXCHANGE
This query is : Open
25 November 2023
Dear Experts,
A registered jeweler purchase old gold ornaments worth Rs. 50,000/- from his customer (Unregistered) and in exchange of that sale new gold ornaments worth Rs. 1,00,000/- to the same customer. Then on which value GST shall be collected on Rs. 50,000/- or on Rs. 1,00,000/- for this transaction.
Jeweler will receive only Rs. 50,000/- in cash/bank and the rest Rs. 50,000/- in form of old gold.
Thanking You
Nirmal Dave
A registered jeweler purchase old gold ornaments worth Rs. 50,000/- from his customer (Unregistered) and in exchange of that sale new gold ornaments worth Rs. 1,00,000/- to the same customer. Then on which value GST shall be collected on Rs. 50,000/- or on Rs. 1,00,000/- for this transaction.
Jeweler will receive only Rs. 50,000/- in cash/bank and the rest Rs. 50,000/- in form of old gold.
Thanking You
Nirmal Dave
25 November 2023
GST will be applicable on Entire 1,00,000/- because Value of Supply for the Jeweller is Entire amount and Consideration is recevied in cash and in kind.
Things would have been different if Jeweller would supplied same ornaments with minor changes then it would have been qualified under Rule 32(5) and GST would have been applicable on Margin Amount
Things would have been different if Jeweller would supplied same ornaments with minor changes then it would have been qualified under Rule 32(5) and GST would have been applicable on Margin Amount
27 November 2023
Thank You Sir for your valuable advise.
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