Mostly on weekends.
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No making charge on select jewellery at Bhima Jewellery online store
I actually can't remember which service was used for delivery bro.
Once you place an order , they have like 4 stages , in processing, confirmed ,packed , dispatched if I remember it right .
They add and subtract as expected. Are you saying it's wrong ?
GST is also calculated as 3% .
If you look taxable amount is 36568.. so you are paying GST on gold+making charges
VA Amount which is making charges are 5893 which were first added then tax is calculated and then same 5893 was given as amount.
I am not a GST expert but in normal lehmann terms I am still paying 3% GST on making charges as per this bill
So basically it is like
X +Y + 3% of X+Y - Y
Instead of
X + 3% of X
So in effect you are still paying 3% of the making charges
Now question is whether this 3% is going to govt or going into the pocket of Bhima?
Also what are the GST rules, if any which is stopping Bhima to not to consider making charges in GST calculation?
I don't know how you arrived at the fact that we are still paying 3% making charges.
Yes gst is calculated on overall amount including cost of gold and making charges. But nowhere am I paying 3% making charge. I'm paying like 180rs extra as GST yes but nowhere am I paying 3% making charge.
Cost of gold is 30602 , so 3% gst on this would be 918. With making charge it's 36568 which is basically gst of 1097.
So I'm paying excess gst of 1097-918 = 180 rs . This is around 0.75% making charge I can say. How did you arrive at 3% making charge ?
You could argue that gst should be calculated on the gold value alone and id agree , but the statement that 3% making charge is being paid is balantantly incorrect.
You are also conveniently skipping the part where the gold rate they are charging is LESSER than the days rate, in the image I shared it was calculated at 8599 when that day rate was around 8900.
On the other hand, if you are trying to say that we are paying 3% of gst for both combined but only the making charge is discounted whereas the gst component derived from adding the making charge isnt given back , WHO CARES ? I saved almost 350 rs PER GRAM, and this is 3.5 grams atleast( I also bought one more jewellery so it's damn great savings). On top of this , I saved making charges of atleast 6% . What's 180 rs in excess gst gonna do here ?
Fyi : you keep mentioning 3% as making charge which is a bit confusing. Hence the additional explanation since I'm unsure which point you are trying to put across.
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Yes exactly...same view point !!
I expect this difference is due to varying gold prices in different states/cities;
Bhima billed you from the state with has lower price.
It could be even you have misread 22k and 24k rates I guess I expect 1st one to be the case
Nope..that was literally the offer. Lower gold price . Pan India.
They routinely have these lower gold rate days and also 0 making charge offer.
Here is my post https://www.technofino.in/community...ellery-at-bhima-jewellery-online-store.40238/
Just to prove my point , this is a pic I took just now from bhima website.
Yesterday price was 9010 for 22k
Looks like it's a exclusive offer .
Usually in cochi we can buy gold at a low price but it's also near 9000/1gm for 22k gold
Ofcourse it's online exclusive bro. If they run these offers offline , not only will they cause stampede but they will also put all other jewellers in that city out of business that day.
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That's for people who don't want physical gold . I don't know why ETF and gold fund investing is being suggested as an alternative option for physical gold purchase discussion. Not just here but many other places people suggest this . It does not address the actual scenario.
Even if you invest in ETF or gold fund , when you actually want to buy physical gold , you are gonna depend on these offers only.
Atleast stocking up on gold coins is a valid alternative if you can get them for a good discount or offer.
This is purely for obtaining cc points/rewards.... nothing else.
Buying physical gold for thousands or lakhs , with 0% making charges or discounted making charges is to earn 2% reward rate on a cc?
Gotta love making blatantly dumb statements with no idea why folks do stuff just cause you are assuming things. Not everything we do revolves around cc points. CC points on gold is like a cherry on top of a yummy cake that is filled with 0% making charges and discounted gold rate. Sometimes you never get the cherry, sometimes bank eats the cherry.
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sunit123
TF Legend
If someone has black money, it makes sense to buy physical gold....Otherwise, it is foolish to pay GST and host of other charges while buying and selling gold as it eats into ur returns...Whatever schemes jeweler will run, it is insane to think that he is selling without any profit
Hope following post will clarify all the doubts..30% loss at purchase and around 10% loss at sale
Is Gold Jewellery a Good Investment? Beware 30% Hidden Loss!
Is Gold Jewellery a Good Investment? Learn how wastage, making charges & GST silently eat up to 30% of your money — plus smarter ways to invest in gold.
www.basunivesh.com
Okay.. Just to clarify things, the person who wrote that article is DUMB.If someone has black money, it makes sense to buy physical gold....Otherwise, it is foolish to pay GST and host of other charges while buying and selling gold as it eats into ur returns...Whatever schemes jeweler will run, it is insane to think that he is selling without any profit
Hope following post will clarify all the doubts..30% loss at purchase and around 10% loss at sale
Is Gold Jewellery a Good Investment? Beware 30% Hidden Loss!
Is Gold Jewellery a Good Investment? Learn how wastage, making charges & GST silently eat up to 30% of your money — plus smarter ways to invest in gold.
So you bought 10 gram 916 jewellery i.e 22k, it was valued at 24k rate, but you paid 10* 1000 ( 24k price) while buying and yet only 9.16 * 1000 while seeing? ? So dumb. So stupid.
You buy 22k gold with weight of 10 grams, you paid 1000 rs per gram. correct? In which jewellery is 22k gold jewellery priced with 24k value? The fact that you used this article to put your point across already shows you actually dont understand how things work.
You do realise there is 18k, 22k and 24k gold rates right? If 22k gold jewellery is caluclated based on 24k gold rate why is this distinction provided?
How does it become 9.16 gram gold when selling? its absurd. 22k gold is 916. The weight you buy and the weight u sell is the same, weight isnt recalculated if the jewellery is still 916. You are selling 10gram gold only back. Thats such a dumb calculation. Unless you broke your jewellery, or scraped off some of the gold, its gonna be still 10gram. yes jewellers apply a 2% reduction in value but thats known. Rest is just bullshit. There are exceptions, yes but its not the routine.
The logic he used, will come into picture if hes selling a 22k gold ornmanet for 24k price where the metal mixture value is included. Which is incorrect and absurd. Gold coins are valued at 22k or 24k based on purity when u buy and sell. Jewellery is always calculated at what karat they are valued towards. The article also does not talk about the benefits of schemes or offers. Scheme to ETF comparison atleast makes SOME SENSE but direct comparison is just plain stupidity.
Also, i dont know why u keep ignoring the main focus of this discussion. 0 MAKING CHARGE AND DISCOUNTED GOLD RATE.
When i bought with this offer, day's rate was 8900 while i bought at 8590.
So lets look at en example where i bought jewellry at 0% making charge:
if i buy 10 grams at 8900 with 3% gst, i paid total : 91670
I actually bought at 8590, so with gst i paid : 88470
Now im selling when gold is 8900 with 2% discount : 89000 - 2% discount = 87220. This is what is being done here. The example used assumes gold doesnt appreciate and im selling for same days rate.
Where am i losing 30% ? Not one person in this thread is asking folks to buy jewellery paying making charge. So saying we lose 30% at purchase and 10% at loss is plain incorrect and to speak my mind, foolish/dumb.
Also, the logic that only black money folks should buy gold jewellery is a seriously ignorant point of view. That tells me that folks dont know how to save money or invest properly. Who cares what profit jewellers make? I got mine .
I hate these sort of big number articles that scare people into thinking something is bad . They are trying to pull a point out of the vacuum to make Bonds and ETF look better. ETF and stuff are good if you dont want to buy jewells.
Also, this is india, marriages and functions are determined by jewels. Physical ornaments serve not just as a sign of wealth but also as a financial support for times of crisis for people.
At a marriage function, you want the parents to go and say " Look i had saved up 10 soveriegn or 50 soveriegn worth of gold in ETFs" ?
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Ive understood one thing. People have too many misconceptions or do not actually have experience dealing with jewellery purchase and offers. If you play it right, its such a good way to invest while having a great diverse portfolio.
nikhilv0303
TF Ace
Just to add.. ETF/Funds have an expense ratio of 0.6%-0.7% annually.. so over 5-6 years it nets off GST as well.
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