Silver: Amidst the excitement of the festival season, a lot of gold and silver is being purchased in the markets. There is a surge in demand for silver coins, jewelery and bars in the country on auspicious occasions like Dhanteras and Diwali. In such a situation, many people want to know what is the difference between 999 and 925 silver. Also, which silver is more beneficial to buy? Also, how much GST has to be paid while shopping.
999 silver means 99.9% pure silver, in which 999 out of 1000 parts are real silver. It is also called Pure Silver or Fine Silver. Its biggest quality is its shine and purity, but it is very soft, hence the ornaments, utensils, statues, coins made from it are not durable for everyday use. This is why 999 silver is commonly used for silver coins, bars or investment and premium gifting items.
925 silver contains 92.5% real silver and the remaining 7.5% is mixed with other metals like copper. It is called Sterling Silver. By adding copper to it, it becomes stronger, durable and suitable for everyday use. Therefore, 925 silver is most commonly used in making jewellery. Its shine remains for a long time and it is also easy to keep clean.
How much GST is to be paid on buying silver?
3% GST has to be paid on the purchase of silver. 3% GST has to be paid on purchasing online or from any jewelery shop. It consists of 1.5% Central GST (CGST) and 1.5% State GST (SGST). If you are buying silver jewellery, then you have to pay an additional 5% GST separately on the making charges.
Record rise in festive season
This year, with the festive season, there is a huge rise in the prices of silver. On October 14, the price of silver in the spot market reached Rs 1,85,000 per kg. The reason for the current increase is being said to be the increase in industrial demand in the international markets and investors turning towards gold and silver.