Author Topic: Impact of GST on Coin Collecting in India  (Read 1643 times)

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Offline Bimat

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Impact of GST on Coin Collecting in India
« Reply #15 on: June 05, 2017, 06:00:16 PM »
3% GST will be applied on gold. Wonder if gold coins will be sold as bullion rather than numismatic items, to attract 9% less tax? Is that possible?

Aditya
Caution. The low-hanging fruits are still there maybe for a reason.

Offline asm

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Re: Impact of GST on Coin Collecting in India
« Reply #16 on: June 06, 2017, 02:58:51 AM »
3% GST will be applied on gold. Wonder if gold coins will be sold as bullion rather than numismatic items, to attract 9% less tax? Is that possible?
The general defination of coins till now (in the 'Sarafa' Bazar was that cons meant the new / freshly mintes Silver & Gold coins - the ones which have the image of a God / Goddess on one side which were invoiced as coins and the old Silver coins (not sure of the Gold ones) were sold as bullion since these were 'meant' to be smelted. If I remember correctly, this is how rates were quoted officially even in the newspapers.

I am not sure if auction houses could take this stand but in the sarafa bazzar, this could be a distinct possibility - but chances are these would be bought and sold sans invoices.

Amit
"It Is Better To Light A Candle Than To Curse The Darkness"


Offline satyacan

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Re: Impact of GST on Coin Collecting in India
« Reply #18 on: June 12, 2017, 06:12:07 AM »
The GST council decided to reduce the GST rates for Numismatic items (9705) and Philately (9704) from the 12% rate to the revised rate of 5%!

Offline Bimat

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Impact of GST on Coin Collecting in India
« Reply #19 on: June 12, 2017, 06:19:02 AM »
The GST council decided to reduce the GST rates for Numismatic items (9705) and Philately (9704) from the 12% rate to the revised rate of 5%!

That's great news indeed! :)

Looking at the speed with which government is reducing GST rates on various items (not only hobby related items but many others), wonder if they have calculated the impact of such decisions at last minute? There is so much of pressure from various fields to reduce the rate and government is listening to all of them! :D

Aditya
Caution. The low-hanging fruits are still there maybe for a reason.

Offline asm

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Re: Impact of GST on Coin Collecting in India
« Reply #20 on: June 12, 2017, 07:26:04 AM »
That's great news indeed! :)

Great News indeed...........

Amit
"It Is Better To Light A Candle Than To Curse The Darkness"

Offline prembabel

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Re: Impact of GST on Coin Collecting in India
« Reply #21 on: June 19, 2017, 10:01:26 AM »
Rates on numismatic coin revised to 5%

Offline Bimat

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Impact of GST on Coin Collecting in India
« Reply #22 on: June 19, 2017, 10:27:58 AM »
In the next GST council meeting, the rate will be revised to 0%. ;D

Aditya
Caution. The low-hanging fruits are still there maybe for a reason.

Offline asm

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Re: Impact of GST on Coin Collecting in India
« Reply #23 on: June 20, 2017, 06:44:15 AM »
In the next GST council meeting, the rate will be revised to 0%. ;D
Wishful thinking............... If there are two more meetings, will the government give us a rebate...............?

Amit
"It Is Better To Light A Candle Than To Curse The Darkness"

Offline Bimat

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Impact of GST on Coin Collecting in India
« Reply #24 on: June 20, 2017, 06:45:01 AM »
Wishful thinking............... If there are two more meetings, will the government give us a rebate...............?

Only if Jaitley is a collector. ;)

Aditya
Caution. The low-hanging fruits are still there maybe for a reason.

Offline Bimat

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Impact of GST on Coin Collecting in India
« Reply #25 on: July 01, 2017, 06:27:58 PM »
Seems like auctioneers are unhappy with 5% rate too... ::)

Aditya
Caution. The low-hanging fruits are still there maybe for a reason.

Offline coin_lover

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Re: Impact of GST on Coin Collecting in India
« Reply #26 on: July 04, 2017, 08:59:55 PM »
why don't the auctioners reduce their commission, I know many of the coin auctioners actually buy some of these coins and then make a hige profit not only on commission but also on the hammer price.

Offline asm

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Re: Impact of GST on Coin Collecting in India
« Reply #27 on: July 05, 2017, 06:54:48 AM »
why don't the auctioners reduce their commission,
The auctioneers deduct the tax amount when they make payment to the sellers. Till now, I am not sure if it was possible to setof of these taxes from the amount of sale tax payable. Under the GST regime, I believe it would be possible for them to set off the GST on purchase from the amount of GST payable on the sale. So the auctioneers have a valid reason and should be forced to cut their commissions.
 
I know many of the coin auctioners actually buy some of these coins and then make a hige profit not only on commission but also on the hammer price.
Well that is a business proposition of the owner of the auction house. ......... He invests his own money and that should in no way be a cause to ask him / her to cut commissions.............. He may also loose money if he makes an error of judgement ........

Amit
"It Is Better To Light A Candle Than To Curse The Darkness"

Offline Bimat

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Impact of GST on Coin Collecting in India
« Reply #28 on: July 22, 2017, 03:25:36 PM »
GST rates are as follows:

Coins: 5%
Banknotes and Medals: 12%
Tokens, Medallions and Jewellery Pieces: 3%.

It's clear that government considers tokens and medallions as bullion, as there is a special 3% GST slab exclusively for gold. Sounds strange to me...

Aditya
Caution. The low-hanging fruits are still there maybe for a reason.

Offline Bimat

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Impact of GST on Coin Collecting in India
« Reply #29 on: October 12, 2017, 04:09:14 PM »
More updates.

Aditya
Caution. The low-hanging fruits are still there maybe for a reason.