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Jewellers not to pay tax on old jewellery buys from individuals

However, if an unregistered supplier of gold ornaments sells it to registered supplier, the tax under reverse charge mechanism will apply.

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New Delhi, July 13 : The government on Friday clarified that jewellers will not need to pay the Goods and Services Tax (GST) under reverse charge mechanism on old jewellery purchases from individuals.

“Even though the sale of old gold by an individual is for a tax consideration, it cannot be said to be in the course or furtherance of his business, as selling old gold jewellery is not the business of the individual and hence does not qualify to be a supply in itself,” the Finance Ministry said in a statement.

The clarification came after Revenue Secretary Hasmukh Adhia on Thursday said that purchase of old gold jewellery by a jeweller from a consumer would be subjected to three per cent GST under reverse charge mechanism in terms of the provisions contained in the Central GST Act.

However, if an unregistered supplier of gold ornaments sells it to registered supplier, the tax under reverse charge mechanism will apply.

Section 9(4) of the said CSGT Act mandates that tax on supply of taxable goods (gold in this case) by an unregistered supplier (an individual in this case) to a registered person (the jeweller in this case) will be paid by the registered person (the jeweller in this case) under reverse charge mechanism.

This provision, however, has to be read in conjunction with Section 2(105) read with Section 7 of the said Act. Section 2 (105) defines supplier as a person supplying the goods or services and Section 7 provides that a supply is a transaction for a consideration by a person in the course or furtherance of business.

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Markets open on negative note

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Mumbai, Jan 24: The 30-scrip Sensitive Index (Sensex) on Wednesday opened on a negative note during the morning session of the trade.

Later the Sensex move to a positive region.

The Sensex of the BSE after opening at 36,161.62 points touched a high of 36,163.68 and a low of 36,085.68 points.

On Tuesday the Sensex closed at 36,139.98 points.

The Sensex is trading at 36,165.75 points up by 25.77 points or 0.07 per cent.

On the other hand, the broader 51-scrip Nifty at the National Stock Exchange (NSE) opened at 11,069.65 points after closing at 11,083.70 points.

The Nifty is trading at 11,076.25 points in the morning.

IANS

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Enterprises now deploying AI technologies: Infosys

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Davos, Jan 23: Enterprises are moving beyond the experimentation phase with Artificial Intelligence (AI) and are now deploying AI technologies more broadly, said an Infosys survey on Tuesday.

There is a fundamental shift in how enterprises operate as AI takes hold, according to the “Leadership in the Age of AI” survey.

“AI, as the research shows, is becoming core to business strategy, and is compelling business leaders to alter the way they hire, train and inspire teams, and the way they compete and foster innovation. Industry disruption from AI is no longer imminent, it is here,” Mohit Joshi, President, Infosys, said in a statement.

“The organisations that embrace AI with a clearly-defined strategy and use AI to amplify their workforce rather than replace it, will take the lead, and those that don’t will fall behind or find themselves irrelevant,” Joshi added.

Seventy three per cent respondents strongly agreed that their AI deployments have already transformed the way they do business, and 90 per cent C-level executives reported measurable benefits from AI within their organisation.

Organisations are taking steps to prepare employees and business leaders for the future of work, with 53 per cent respondents indicating that their organisation has increased training in the job functions most affected by AI deployments.

More than 1,000 business and IT leaders with decision-making power over AI solutions or purchases at big organisations across seven countries were included in the survey.

IANS

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Market zooms: Sensex at 36K, Nifty50 at 11K

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Mumbai, Jan 23: Projection of India’s healthy economic growth outlook, along with bullish global cues lifted the key Indian equity indices to their new highs during the early morning trade session on Tuesday.

Accordingly, the S&P BSE Sensex and the NSE Nifty50 breached their previous respective intra-day high levels.

In the process, the barometer Sensex crossed the 36,000-points-mark and the NSE Nifty50 climbed above 11,000 points.

Market analysts pointed-out other factors such as positive Q3 results and buying support in oil and gas, banking, capital goods and consumer durables stocks aided in the key indices’ upward trajectory.

At 9.50 a.m., the 30-scrip S&P BSE Sensex, which had closed at 35,798.01 points on Monday, traded higher at 36,036.51 points, up by 238.50 points or 0.67 per cent.

At the National Stock Exchange (NSE), the broader Nifty50 quoted at 11,039.75 points, up by 73.55 points or 0.67 per cent.

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