Here's a simple guide to calculate the GST levy for physical gold or gold ornaments:
1. **Total Transaction Value**: Determine the total value of the gold transaction, including the price of the gold and any additional charges like making charges and taxes.
2. **Apply GST Rate**: The GST rate for gold purchases in India is 3%. Calculate 3% of the total transaction value to find the GST charge.
3. **Example**: Buying gold jewellery worth ₹50,000 with making charges and taxes totaling ₹5,000 makes the total transaction value ₹55,000. Applying 3% GST on ₹55,000 results in ₹1,650. Therefore, the final price would be ₹56,650.
It's that simple! Stay informed about your gold purchases. 💰✨ #GST #GoldPurchase #India #FinancialTips 📈
