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why should a bank charge gst on old gold auctioned by them
if an individual places as collateral old gold jewellery to a bank and takes a gold loan. he defaults ...so does not pay back the loan. the bank then auctions that gold. bank is not a trader...as they are not allowed to do business of old gold sales...when they sell the old gold jewellery to a refiner of gold or to a jeweller/trader.. will there be gst applicable at this stage by the bank to the refiner or to the trader?
Replies (2)
no gst is not applicable as the purpose of bank is not to sell jewellery
but hdfc and icic8 banks are doing their auction on 24 July and they are stating we the bidder is supposed to pay them 3%gst..so this is injustice and I want to file a complaint with RBI..pls advice how do we make this complaint to which address of RBI
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