The govt clarified that sale of old gold jewellery as well as old vehicles by ‘individuals’ will not attract any GST. The govt clarified that sale of old gold jewellery as well as old vehicles by ‘individuals’ will not attract any GST. A day after the government said that sale of old gold jewellery will attract 3 per cent Goods and Services Tax (GST) via the reverse charge mechanism, it clarified that sale of old gold jewellery as well as old vehicles by ‘individuals’ will not attract any GST. However, if an unregistered supplier of gold ornaments sells it to a registered supplier, GST will be applicable under the reverse charge mechanism. Revenue department officials said the same principle will apply on sale of old cars or two-wheelers and no GST will be payable even though the supply would be for a consideration.

Source: Indian Express July 13, 2017 20:48 UTC