Answers On Topic: adjustment of GST paid
sir, If I purchase a new gold jewel from a jewellery by exchanging old gold jewels or gold coins or gold bars how is the gst to be charged? Should I pay GST on the total value of gold jewel or on the net value of new jewel after deducting the value of the old jewel or gold coins or gold bars handed over to the jeweller along with gst on making charges of the new jewel. Please clarify if gst is to be paid again on the intrinsic value of gold involved in making the new jewel just like…
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Section 145A(ii) requires certain adjustments to be made in valuation of Purchase and Sale of Goods and Services and of Inventory for computing Taxable Business Income of a Assessee who is following Exclusive Method of Accounting. Query is:-Whether adjustment is also to be made for GST paid on Purchase of of Fixed Assets and Indirect Expenditure Incurred, when such GST has been debited to GST Account and not to Duties and Taxes Account(Expenditure Account).
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gst on old gold exchange