Wednesday, April 10, 2013

LBT for Jewellers

Here is the gist of LBT rules and rates which are applicable for jewelers (Retail as well as Wholesale).

First of all let me talk about rates.

Sr NoCommodityRate
1Jewellery made up of gold, silver, diamonds, any precious stone0.50%
2Bars , coins of Gold, Platinium, Rhodium0.10%
3Bars , coins of Silver0.50%
4Loose - Diamonds, Presious Stones, Pearls0.10%
5Imitation Jewellery2%
6Jewellery made up of other metals than gold , silver2%
7Any part of jewellery made up of plastic, bead, glass, rubber2%

Points to be kept in mind
The rates in Sr. No. 1 is to be applied only if purity of gold or silver is more than 50% i.e if less than 12 carat then will not be classifiable under the above table and will have to pay 5%