- 3% IGST is payable on all imports of precious metals in addition to basic customs duty
- GST is payable at 3% on Gold and Silver imported and lying in stock as of 1st July
- GST is payable at 3% of total transaction value of jewellery, regardless of making charges being shown separately or not
- GST on total value of jewellery is charged at 3%
- GST rate on silver in India is 3%
- To calculate GST on silver, multiply price by 3% and add result to original price
- Job worker, if registered, pays GST at 5% on job charges only
- Jewellery manufacturer can take credit of GST paid on job work and use it for payment of GST on outward supply
- If job worker is exempt from registration, manufacturer pays GST on input supply from job worker on reverse charge basis and can avail input credit of tax paid under reverse charge mechanism
Source: mastersindia.co
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
