The AAR, Kerala, in the matter of M/s. Best Money Gold Jewellery Ltd. [Advance Ruling No. KER/06/2023 dated March 02, 2023] ruled that value of gold will not diminish even if it is exchanged among 10 different users in a span of 2 years as a jewellery piece of 22 carats remains 22 carats even after changing hands. Thus, the term ‘second hand’ does not hold any meaning when it comes to items such as gold, land, currency. Accordingly, the assessee would not be eligible to value gold ornaments as per Rule 32(5) of the Central Goods and Services Tax Rules, 2017 (“the CGST Rules”).
Source a2ztaxcorp
Latest Posts in "India"
- Himachal Pradesh Assembly Approves VAT Bill, Permits Up to ₹5 Cess on Petrol, Diesel
- Karnataka AAR Allows ITC on Ancillary Expenses for Used Vehicles Sold Under Margin Scheme
- ISD Credit Distribution Allowed Only After ITC Eligibility Under Section 16, Rules Madras High Court
- Hookah Served in Restaurants Not Restaurant Service, Taxed Separately: West Bengal AAR Rules
- Key Changes in RBI’s FEMA Export and Import Regulations, 2026: Integrated Rules and Reporting Updates
