14th India International Gold Convention on 11-13 Aug 2017 at Grand Hyatt, Goa. Concluded Successfully...
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Finance Bill 2017 has recommended doing away of special threshold limit of Rs. 5 lakh for jewellery purchase with cash for applicability of Tax Collected at Source (TCS). If passed, jewellery will be considered as ‘goods’ and TCS of 1% will be levied if invoice value is Rs. 2 lakh or more and is paid by cash. Given the high price of gold, some feel lowering the threshold limit for Jewellery for applicability of TCS might take away some demand. However, central government wants this to be done to curtail cash circulation and to rationalize policies, perhaps, moving towards one country, one system


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