Akshay Tritiya 2020â€” Jewelers opt Online Gold Sales due to COVID-19
Everyone is aware that the Novel Coronavirus disease or the COVID-19 has hit over 110 nations of the globe. Owing to the rising number of casualties resulting from the Coronavirus infection, the entire world is under complete lockdown. In India, the government has enforced a lockdown all over India till 3rd May 2020. The business has been shut down because of this lockdown. However, business trends are slightly changing during this time.
We all know that the auspicious occasion of Akshay Tritiya falls on 26th April this year. Since the dealing of non-essential goods is not allowed by the government due to the lockdown, the purchase of solid gold and gold jewelry on Akshaya Tritiya will be mostly online. The gold jewelers having GST registration are preferring online gold sales during this time.
1. What is the significance of Akshay Tritiya?
Akshay Tritiya is an auspicious occasion of the Hindu calendar during which buying of gold is considered fortunate. Gold purchase during Akshay Tritiya is thought to bring luck and prosperity throughout the year. Naturally, the Indian jewelers witness great sales gold and gold jewelry during Akshaya Tritiya.
2. Why have jewelers opted for online gold sales?
Due to the outbreak of the Coronavirus pandemic, the government has enforced a lockdown all over India till 3rd May 2020. This will automatically affect the gold sales as all showrooms have been shut down. However, the jewelers have now opted for online gold sales to reap the benefit of this auspicious occasion, like every year.
3. How will online gold sales take place during Akshaya Tritiya 2020?
As we know that the delivery of non-essential goods is restricted by the government, the jewelers are now offering their customers the option to lock in their gold jewelry on the day of Akshaya Tritiya. They can take their articles home later on.
4. How is the price of gold ascertained?
The prices of gold are ascertained by the gold jewelers having GST registration on the basis of the following:-
The rate of GST on gold
Rate of GST on making jewelry (in case of buying jewelry)
The basic customs duty on gold
5. What is the GST rate on gold?
As discussed above, the GST applies to gold as well as the making charges in case you are buying jewelry.
GST on gold:- 3%
GST on making charges:- 5%
These are some parameters that are followed by the Indian jewelers having GST registration.
Know in detail about GST on gold jewelry.
Evidently, the jewelers must have a GST registration in order to conduct online sales, as GST registration is a compulsory requirement for e-commerce business.