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Buying jewellery over Rs.2 lakh cash to attract 1% TCS

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Cash purchases of jewellery will attract 1per cent tax collecte dat source from April 1 if the amount exceeds Rs.2lakh, against thecurrent threshold of Rs.5 lakh.
OncetheFinance Bill, 2017, ispassed, jewellery willbetreatedonaparwith generalgoodswhichattract1 percentTCSoncashpurchase ofaboveRs.2lakh. TheBillseeks todoawaywiththethreshold ofRs.5lakhonjewellery purchases for applicability of TCS because the Union Budget 2017-18 has proposed to ban cash dealings of over Rs. 3 lakh and make violations punishable with a penalty of an equivalent amount to be paid by the person receiving the cash. However, as there is no special provision  for TCS on its purchase, jewellery is now being clubbed in general ´goods´ on which 1 percent TCS is triggered  if as ingletrans action exceeds  Rs.2 lakh in cash.
Business Standard New Delhi,20th February 2017

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