9911796707
TMI BlogGST ON GOLD LOAN TO JEWELLARY HOUSEX X X X Extracts X X X X X X X X Extracts X X X X ..... Dear Expert, Would like to know GST implication on Gold loan (Suppose 1kg of Gold ) is given by depositor to Jewellery house (duly registered under GST) and in return Jewellery house will return either 1.1 Kg of gold after one year period or 1 Kg gold and interest @ 10% on the base value transaction of 1kg gold on the date of event i.e taking possession of gold. I am clear on other aspects Such ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as TDS and A/c entry and GST applicability on sale by Jewellery house but Have confusion over Q1- GST applicability on depositor transaction Q2- Any Rbi guideline- restrictions on the above said transaction between two Individuals Q3- If the depositor is Also registered under GST , is this transaction will be treated as Gold loan on temporary basis and okay if he receive back gold after a s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pecified period of time or It would be treated as Supply and depositor is also liable to pay GST. For reference you may go through one link on related subject which will help the reader of question to understand in detail. https://www.topcafirms.com/white-paper/accounting-and-taxation-aspects-of-gold-deposit-scheme Thanks. - Reply By Shilpi Jain - The Reply = This is in the nature of loan an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d the consideration (either monetary or non-monetary) received would be exempt under GST. - Reply By ARVIND JAIN - The Reply = Dear Shilpiji, thanks for your response. Hope you have gone through the link given and read the article wherein as per my understanding at the end of the article they have said it to more as a Sale(Supply) transaction under vat law. Since the article is of vat era, I tho ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ught It to be posted with my query on GST. Apparently, I agree with you that no Loan transaction should be treated as Supply but in this specific situation wherein product changes nature at the discretion of Jewellery house and all others issues as said in the linked article, which made me think twice. It would be more helpful for me if other experts Such as Kasturi sir and others say something ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on this. - GST ON GOLD LOAN TO JEWELLARY HOUSE - Query Started By: - ARVIND JAIN Dated:- 13-8-2021 Goods and Services Tax - GST - Got 2 Replies - GST - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
