A. GST RATES AND HSN/SAC CODE
|
S. No. |
Particulars |
HSN/ SAC Code |
GST Rate |
|
1. |
Rough and un-worked diamonds, precious and semi-precious stones |
7102, 7103, 7104 |
0.25% |
|
2. |
Pearls, Gold, Silver, Articles of jewellery of gold, silver, etc |
7106, 7108, 7113, 7118 |
3% |
|
3. |
Job work in relation to cut and polished Diamonds, plain or studded jewellery of gold, silver, etc |
9988 |
5% |
|
4. |
Other professional, technical and business services (residuary clause) |
9983 |
18% |
B. Other Issues to be considered
1. Customer gives old Jewellery and in return buys Gold Ornament or does not buy anyting :-
(Wrt to Section 7 of CGST Act and Press Release dated 13.07.2017 and Rule number 32(5)
ofCGST Valuation Rules) Old Jewellery given by Customer does not constitute supply
Under GST law as it does not constitute for furtherance of business by customer .
However , if unregistered supplier of gold ornaments sells it to registered supplier, the tax
under RCM will apply and Pay GST on Differential Value (Sales Value – Purchase Value)and
if Differential Value is Negative it shall be ignored .
2. If Jeweler Charges Making Charges Separately
Value of gold – 3%
Making Charges – 18%
3. If Jeweler not charging making charges separately
As per section 2(30) and section 8 of CGST Act , Provision of Composite Supply shall apply
And on total value of Invoice 3% GST shall be charged .
4. Job Work
(Wrt. Section 2(68) of CGST Act , Rulr 45 ,55 of CGST Rules )
Job work means any treatment or process undertaken by person on goods belonging to
another registered person and the expression ‘’Job Worker ‘ shall construed Accordingly .
note : goods belong to registered person only .
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