even Gst helpline has not been able to resolve this query for over 2 weeks....how can a bank being a custodian only ( not holding anytrading licence) charge GST to its cleints.
Auctions Gold (31 Points)
30 July 2017if client defaults and does not pay back the loan amount to the bank..as a custodian the bank auctions his gold to traders/under open bidding auction.
bank is not a seller of old gold jewellery (AS NO BANK HAS A TRADING LICENCE); nor is it allowed to trade in gold jewellery buying and selling under Reserve bank of India regulation & rules.
so banks are cheating traders by charging 3% gst on old gold jewellery being sold to the bidder in the auction.it is not allowed by bank a custodian to sell and collect gst.
PLEASE ADVICE HOW CAN WE TAKE ACTION AGAINST THE BANKERS ON THIS ISSUE.
REGARDS B K 9820020758