sheik javid (student) (281 Points)
09 June 2023
Pranjal Gupta
(141 Points)
Replied 09 June 2023
When it comes to recording gold purchases for GST (Goods and Services Tax) in India, there are certain guidelines to follow. Here are a few points to consider:
GST Registration: If your annual turnover exceeds the threshold specified by the GST authorities, you should register for GST. Registration is mandatory for businesses meeting the turnover criteria.
Registered Purchases: If you are a registered GST dealer, you should record the gold purchases from various customers as registered purchases. This means you need to issue a tax invoice for each purchase, maintain proper records, and report them in your GST returns accordingly. The tax collected on these purchases will be deposited with the government.
Input Tax Credit (ITC): As a registered dealer, you can claim input tax credit for the GST paid on your purchases. This allows you to offset the tax you paid while buying gold against the tax you collect on sales. Make sure you comply with the necessary documentation and reporting requirements to claim the ITC.
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Imthias ahamed Kormath
(910 Points)
Replied 09 June 2023
Pankaj Rawat
(GST Practitioner)
(55052 Points)
Replied 10 June 2023
CAclubindia
