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