20 May 2016
It has been proposed that the seller of bullion and jewellery shall, at the time of receipt of such amount in cash, collect tax at the rate of 1% of sale consideration from every buyer of bullion and jewellery, if sale consideration exceeds two lakh rupees.
■ Any person collecting any amount under this sub-section shall also pay within the prescribed time the amount so collected to the credit of the Central Government or as the Board directs
IF you sell jewellery more that Rs. 2 lacd the you have to collect TCS 1%.
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