New Delhi: Selling old jewellery or bullion will attract a 3% goods and services tax (GST) on the value realised, revenue secretary Hasmukh Adhia said on Wednesday. Somebody comes to me with old jewellery, it is as good as buying gold. More From Livemint »Explaining further, Adhia said a jeweller buying old jewellery from someone will charge 3% GST under reverse charge. So, if old jewellery worth Rs1 lakh is sold, a GST of Rs3,000 will be deducted. If the proceeds from the old jewellery is used for buying new jewellery, the tax paid on sale will be adjusted against GST on the purchase, he said.

Source: Mint July 12, 2017 15:56 UTC