Question: A person is a Proprietor of jewellery Business. He Purchases Bullion and jewellery and sells the same. He has some Old jewellery which he uses for his Personal use and does not form part of Stock in Trade. This was purchased a long time ago under Pre-GST era. The jeweller does not prepare Personal Balance Sheet separately. This jewellery was shown under Investments in Balance Sheet. Now he wants to sell the same. Is this sale liable to GST?
Answer: As per Press release dated 13/07/2017, any jewellery sold by the individual in his individual capacity will not tantamount to a business. So, the jeweller has to establish that this jewellery was sold by him not as stock in trade but as his personal belonging.
