mojo_jojo123
TF Ace
which is the best item to buy like this ..
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Hidden way to buy gold at 55% valueback
grshnehete
TF Select
I think it's much safer to buy from ASV with 5X than with Myntra GV with 10X.
When you guys go to sell off the coins to jewellers, do you get the money in bank account or cash?
When you guys go to sell off the coins to jewellers, do you get the money in bank account or cash?
mojo_jojo123
TF Ace
how about buying silver ?
I plan to accumulate 10gm by this month and use gold monetisation scheme to deposit them with GOI. I'll post my experience of using this scheme.
One of the members suggested this.
I can easily sell coins to my local jeweller who pays me cash or upi at the current market rate.😀
Do they deduct GST?
Ofcourse they will value the gold at market price which is GST exclusive
what benefit does jeweller get by buying at market rate ?
mojo_jojo123
TF Ace
we need BIS market gold for this right ? so buy brand which are of BIS marked
Looks a good avenue as you get 2.5% interest per annum. I am anyhow accumulating gold coins for my son's marriage 🙂 after maybe 20 years 🙂
No need. You anyway need to get a testing certification for getting the gold deposited
Will the bank do this certification? I plan to deposit this with SBI
Go through the video that i posted in above comment. All details with good clarity
BTW is there any online website via which we can sell our gold coins ?
When you sell gold the jeweller deducts 3% reverse GST and then they pay you the balance amount. Does the banks do that same.
Yes they will deduct. GST is something you pay the government as the end customer. It's gone forever.
I am not sure if this a straight forward answer. Reverse GST deduction applies to the Dealers though I am not sure if it applies to the Banks. Anyways proof is in eating the pudding. Someone needs to try that to get to know.
Not really able to follow through honestly. I know reverse charge mechanism but don't really get what is reverse GST deduction.
When you buy Gold, you are charged 3% GST. When you sell Gold the jewelers reverse charge and deduct the GST amount to you in case you take payment in cheque, cash sale is a different story but that is irrelevant as I suppose everyone is getting a return back into their bank accounts.
