New Delhi sources have stated that the Revenue Department had clarified that sale of old jewelry as well as old vehicles by individuals will not attract any GST as the sale is not for furthering any business. Meanwhile when clarifying on Revenue Secretary Hasmukh Adhia's comments yesterday stating that it was informed at GST that "purchase of old gold jewelry by a jeweler from a consumer will be subject to GST at the rate of 3% under reverse charge mechanism in terms of the provisions contained in Section 9(4) of the Central GST Act, 2017."
Meanwhile it then went on to state that the said section has to be read in conjunction with another section and "even though the sale of old gold by an individual is for a consideration, it cannot be said to be in the course or furtherance of his business (as selling old gold jewelry is not the business of the said individual), and hence does not qualify to be a supply per se."
Accordingly, the sale of old jewelry by an individual to a jeweler will
not attract the provisions of Section 9(4) and jeweler will not be liable to
pay tax under reverse charge mechanism (RCM) on such purchases.
American car maker GM winds up its domestic sales New Delhi sources have stated that senior officials of General Motors, from Detroit and regional office in Singapore are here in India to finalize the India action plan. These officials reached on Tuesday and since then they have been deliberating on the situation and options for the company. The American car maker is likely to announce the next course of action for GM in India.
- TVS Motor Company's growth for 2017-18 is up by 10.6%
- Escenda Engineering gets 100% subsidiary of Tata Technologies Europe under the new ownership
- Around 80% Indians buys fake helmets as they go for cheaper ones
- Skoda Kodiaq equipped with AEB system that detects pedestrians
- AIIMS diesel ambulances will be fitted with GPS: Bench
- Can you identify these cars with their logos?
- Luxury cars will get dearer by Rs 1.25-5 lakh
- Second shift operations at Suzuki's Gujarat plant to provide extra units to Maruti Suzuki India
- Honda Company targeting some Huge exports
- Will this Union Budget 2018 beneficiary for luxury car makers?
- Maruti is confident in adding more volumes in next 12 to 18 months
- Auto scrapping plants save India forex?
- Saurbh Vatsa, a General Motors veteran joined the Indian unit of Peugeot as head of marketing
- GST not imposed for second hand car by an individual
- 250 smart poles to be installed in Hubballi-Dharwad for charging Electric Vehicles