GST ON the sale of gold

This query is : Resolved

vijayakumar (Querist)
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30 December 2021 Respected elders,
wish all of u a very healthy , happy year of 2022.
My query. I had bought a bunch of shares , sold them in 10 months.-Paid short term capital gains. With this money, I bought 1 lac worth of gold coin.The shop chargd me 1.5 +1.5 % GST on this.. After 6 months I wanted to sell this gold coin. This time the jeweler did not account for GST & even reduced 3 % on the value ( of the selling rate on the selling day of the gold ).
Is this procedure correct or how do we avoid the loss.
VIJAYAKUMAR

Gokul Sharma

Gokul Sharma (Expert)
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30 December 2021 jeweller buying old jewellery from someone will charge 3% GST under reverse charge. So, if old jewellery worth Rs 1 lakh is sold, a GST of Rs 3,000 will be deducted.

But, if the jewellery is sold and new one bought through the proceeds, the 3% tax paid will be deducted from the Goods and Services Tax (GST) payable on buying new jewellery.