hi. I want to know how to account jewellery sales and making charges, HSN code for Jewellery ,rates,
if any videos for practicing please share .
HSN Code 7117
GST Rate 3%
4 Replies
Vinod Babu
(24191 Points)
Replied 28 January 2019
This a case of composite supply where rate of tax will depend on supply of predominant product or supply. In this case gold is supplied as predominant item and making charges is naturally bundled. So gst rate for making charges will be the rate of gold.
GST rate on gold jewellery is 3%.(in case of regular dealer)
Final price of the jewellery = Price of (22 KT or 18 KT) gold X (Weight in grams) + Making charges + GST at 3% on (Price of jewellery + making charges).
GST rate on gold jewellery is 3%.(in case of regular dealer)
Final price of the jewellery = Price of (22 KT or 18 KT) gold X (Weight in grams) + Making charges + GST at 3% on (Price of jewellery + making charges).
jaheer hussain
(577 Points)
Replied 29 January 2019
thank you, and what is rate for making charges, SAC code
Vinod Babu
(24191 Points)
Replied 29 January 2019
You you add making charges with gold then it will be 3% gst as a composite supply.
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