Selling old jewellery will attract 3% GST

Selling of old jewellery or bullion will attract a 3% GST on the value realised, Revenue Secretary Hasmukh Adhia said on Wednesday. But, if the jewellery is sold and new one bought through the proceeds, the 3% tax paid will be deducted from the Goods and Services Tax (GST) payable on buying new jewellery. “Supposing I am a jeweller. Somebody comes to me with old jewellery, it is as good as buying…