Want to Buy Gold on Akshaya Tritiya? Know GST Charges Applicable to Gold On this Day:

Want to Buy Gold on Akshaya Tritiya? Know GST Charges Applicable to Gold On this Day Akshaya Tritiya is a highly auspicious and sacred Hindu and Jain festival, celebrated annually in India and Nepal. It usually falls in April or May, on the third day (Tritiya) of the bright half (Shukla Paksha) of the lunar month of Vaisakha. It is a popular tradition in India when most people to buy gold or silver jewellery on Akshaya Tritiya, usually for the purpose of weddings. On this day, approximately 2000 weddings will take place. These weddings will be held in and around the city of Bhopal, Madhya Pradesh. Hence, around 250 kg of gold jewellery and 2000 kg of silver jewellery will be sold. This is the period when the gold and silver prices are going up and down. Additionally, the basic price of jewellery, making charges, and GST are charged separately. However, there is a big difference in the prices of gold and silver in cities such as Bhopal and Indore.

Price Appears as Follows:

According to the rules, 3% GST is charged on jewellery, however, sometimes the charge reaches to even 6%. An expert has said that the GST charged on jewellery depends on its making charges. The making charge for jewellery ranges from 5% to 20%, as mentioned in the article. Jewellery is sold at the price of pure gold, but the making charge and GST are added on top of that price. The price of jewellery varies because of the international market. According to Sushil Dhanwani, President of Sarafa Mahasangh, Bhopal, the price mentioned on the bill or the current market prices should be followed, as customers trust the trader to provide accurate information.

• GST on Gold: GST on gold jewellery is 3% of the gold’s value.
• GST on Making Charges: An extra 5% GST is added to the making charges, which are usually included in the final price of the jewellery.
• Issue with the Bill: One customer shared that when he booked the jewellery, the making charge was mentioned as 15% on the bill. However, later he was told the jewellery price was Rs. 1500 per gram. When he asked about this, he was told that this was how the bill was made. Now, the customer is planning to approach the consumer forum over this issue.

Price Difference in Gold Between Two Cities:

24 Carat Gold:

• Bhopal: Rs. 98,300
• Indore: Rs. 96,800

22 Carat Gold:

• Bhopal: Rs. 87,100
• Indore: Rs. 89,800

Silver Tancha:

• Bhopal: Rs. 98,500
• Indore: Rs. 97,800