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Government rolls back 1% TCS on the Purchase of Gold Jewellery worth Rs 2 lakh or more!

Updated on: 07 Aug, 2023 05:50 PM

The government had proposed 1% TCS on the purchase of Gold Jewellery worth Rs 2 lakh or more in the 2016 Union Budget as compared to the previous limit of Rs 5 lakh. It met with strong opposition from the jewellers.

Taking into consideration the strong opposition, government has now finally rolled back the above proposal and the limit of Rs 5 lakh persists,

CA Abhishek Soni
CA Abhishek Soni

Abhishek Soni is a Chartered Accountant by profession & entrepreneur by passion. He is the co-founder & CEO of Tax2win is amongst the top 25 emerging startups of Asia and authorized ERI by the Income Tax Department. In the past, he worked in EY and comes with wide industry experience from telecom, retail to manufacturing to entertainment where he has handled various national and international assignments.