No. of views : (3638)
1 percent TCS on gold to be rolled back
Posted on: 31/May/2016 4:20:05 PM
The decision to impose 1 percent tax collection source for every cash purchase of gold for Rs 2 lakh is now withdrawn. This is done so as to relieve all the potential customers.
This move to withdraw 1 percent of TCS is done aiming at keeping a check and reduce black money in the entire system. Jewelers claim this as a move that will only deter the purchase that is already seeing a lean season.
All the jewelers across the country had shut their shops for about 45 days, signifying the government decision and the move to impose 1 percent excise duty for diamond and gold jewellery.
This move to roll back the TCS on gold purchase is a welcome move by the industry.
Post your requirement - We will connect with the right vendor or service provider
