look news india
Every year on the auspicious occasion of Dhanteras and Diwali, a huge crowd of buyers throng the markets across the country to purchase gold and silver jewellery. Many people consider it auspicious to buy gold on this auspicious day, but often people buy jewelery without a confirmed bill or without a tax invoice (GST Bill) in a hurry or to get a small discount. If you are also going to buy gold or silver jewellery, coins or other valuable items in this festive season, then this news is very important for you. If you make purchases without valid bills, then in future if there is any fraud, adulteration or purity related dispute, you will not be heard anywhere and you may have to suffer a huge loss of your hard-earned money. Let us know in detail why a confirmed bill is necessary while buying gold on Dhanteras and what the legal and financial rules related to it say.
When a customer buys a valuable item like gold from the market without a valid bill or without a GST invoice, then legally he does not keep any concrete evidence of that item with him. Experts say that when you take a confirmed bill from a goldsmith or jeweller, it contains complete details of purity of gold (carat), Hallmark Unique Identification (HUID) number, exact weight of gold, making charges and GST (3%) applicable on it. If in future a defect is found in the jewellery, the purity of gold is found to be less or you go to exchange or sell the jewelery at any other shop, then any jeweler without the bill may refuse to accept it or may charge throwaway prices. In such a situation, you will not be able to file any kind of legal complaint in the Consumer Court without the bill.
The Government of India and the Bureau of Indian Standards (BIS) have made hallmarking and 6 digit HUID code mandatory on gold jewelery to protect the interests of consumers. Whenever you buy gold on Dhanteras, make sure to check not only the bill but also the hallmark engraved on the jewellery. Unhallmarked jewelery is often impure or of low carat. It should be clearly written in the confirmed bill as to how many carats of gold you have purchased (like 22 carat or 24 carat) and what is its price per gram. Many times, in the name of cash payment, shopkeepers lure gold at a lower price by giving it without any bill, but this small saving can create a huge financial crisis for you in the future.
The government has made a provision of 3 percent GST and 1 percent TCS (if the cash transaction exceeds a certain limit) on the purchase and sale of gold. Some people buy gold without bills to avoid this tax, which is considered illegal under the financial laws of the country. A confirmed bill not only provides legal security to your purchases, but it also serves as proof that your assets are legitimate (white money). In future, if the Income Tax Department asks about the source of property or jewellery, then the confirmed bill with you becomes your biggest legal protector. Therefore, any kind of shortcut or unbilled purchase should be completely avoided in the splendor of the festival.