No GST for sales of old gold jewellery, 2-wheelers and cars
Posted on: 14/Jul/2017 11:25:13 AM
The central government has come up with an explanation regarding GST that there will be no GST for sales of old gold jewellery, 2-wheelers, and cars.
This explanation was released following the false news that GST will be applicable for sales of old gold jewellery, 2-wheelers, and cars.
The secretary of the central government department of revenue, Hasmukh Adhia had a session with the press reporters. He explained that when the public sells the old gold jewellery to the jewellery trader, the GST of 3% slab will not be applicable. The reason is that these sales by a single individual will not come under the category of trading or business transaction. It is for their own personal reasons. So, no GST will be applicable.
However, as per the rules of the reverse charges, the jeweller who bought it from an individual has to pay the 3% GST slab. This same procedure will be applicable to the sales of old cars and bikes.
