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Informative

Supply of Pre-Owned Gold/Diamond Jewellery to Third Person After Minor Processing attracts 3% GST: AAR

Update / Judgement Date

06 Oct 2024

Source

Taxscan

Author

Team — WCP Legal Desk

Reading Time

1 min read

Corporate ComplianceExcise, VAT & CustomGST

The Authority for Advance Rulings (AAR) ruled that the supply of pre-owned gold and diamond jewelry, after minor processing, attracts 3% GST. The ruling clarifies the applicable tax rate on second-hand jewelry after slight modifications, ensuring businesses comply with the correct GST rates. The decision is likely to impact the pre-owned jewelry market and streamline tax compliance in the sector.