FAQs on Taxes & Related Issues
The Art of Jewellery|February 2017

Dr. Suresh Surana, founder, RSM Astute Consulting Group, answers readers' queries on various issues pertaining to taxes that need to be paid by the jewellers. Readers are encouraged to send in their questions and receive clarifications through this column.

FAQs on Taxes & Related Issues

We are a partnership firm engaged in the retail business of Jewellery. We have heard that in the recent budget, TCS on  cash sale of Jewellery above Rs 5 lakh has been omitted. Kindly confirm this.

It is true that the Finance Bill, 2017 has proposed to omit provision of TCS on sale consideration of cash sale of jewellery above Rs 5 lakh. However, please note that TCS at1% is still applicable on any goods (other than bullion) where sale consideration in cash exceeds Rs. 2 lakh. The word ‘goods’ is wide enough to cover Jewellery. Therefore, even though specific TCS provision with respect to Jewellery is proposed to be omitted, it would fall under the general provision i.e. relating to goods (other than bullion). Accordingly, the present limit of Rs. 5 Lakh is proposed to be reduced to Rs 2 Lakh for the purpose of TCS in respect of cash sale of Jewellery.

We are a private Limited company engaged in manufacturing of gold studded Jewellery. We came to know that rate of TCS has been increased to 5% if details of PAN are not furnished by the buyer. Kindly elaborate on the same.

Diese Geschichte stammt aus der February 2017-Ausgabe von The Art of Jewellery.

Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.

Diese Geschichte stammt aus der February 2017-Ausgabe von The Art of Jewellery.

Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.

WEITERE ARTIKEL AUS THE ART OF JEWELLERYAlle anzeigen
HRD Antwerp opens diamond and jewellery grading Office in New Delhi
The Art of Jewellery

HRD Antwerp opens diamond and jewellery grading Office in New Delhi

НRD Antwerp celebrated the opening of its new office in New Delhi. Together with the Belgian embassy, a Puja ceremony was held in the new office on Bank Street in Naiwala, Karol Bagh.

time-read
1 min  |
April 2024
This Vishu, welcome the New Year on a special note with Platinum Jewellery
The Art of Jewellery

This Vishu, welcome the New Year on a special note with Platinum Jewellery

As Vishu, the cherished Malayali spring festival, approaches, the anticipation of new beginnings and fresh aspirations fills the air in Kerala and parts of Tamil Nadu.

time-read
2 Minuten  |
April 2024
Bharat Diamond Bourse Hosts Lunch meeting for the Cricket Legend Sir Geoffrey Boycott and UK Deputy High Commissioner Harjinder Kang
The Art of Jewellery

Bharat Diamond Bourse Hosts Lunch meeting for the Cricket Legend Sir Geoffrey Boycott and UK Deputy High Commissioner Harjinder Kang

The iconic Bharat Diamond TB Bourse (BDB) was honored to host an exclusive luncheon and conversation event featuring two distinguished guests: the legendary cricketer Sir Geoffrey Boycott and Harjinder Kang, UK Deputy High Commissioner for Western India &Trade Commissioner for South Asia.

time-read
1 min  |
April 2024
A Glimpse into the GIA Alumni Collective, Chennai Chapter "Meet and Greet" Event
The Art of Jewellery

A Glimpse into the GIA Alumni Collective, Chennai Chapter "Meet and Greet" Event

this insightful: evening featuring a aia discussion on Bridging Getections in the Jewelry Industry’ was hosted during the GJIIF 2024, Chennai.

time-read
2 Minuten  |
April 2024
Malabar Gold & Diamonds Achieves Record Annual Turnover Exceeding Rs 50,000 Crore Indian Rupees
The Art of Jewellery

Malabar Gold & Diamonds Achieves Record Annual Turnover Exceeding Rs 50,000 Crore Indian Rupees

Malaba alabar Gold & Diamonds announces a milestone achievement with an annual retail global turnover of Rs 51,218 Crore Indian Rupees in the last financial year.

time-read
2 Minuten  |
April 2024
Gold prices are on fire Gold prices have been on fire, jumping 20% in just the past 2 months.
The Art of Jewellery

Gold prices are on fire Gold prices have been on fire, jumping 20% in just the past 2 months.

That takes gold t toa near-doubling since pre-pandemic, when it was meandering aicnge at cil 1500. While going to press it closed above 2400.

time-read
3 Minuten  |
April 2024
Celebrate the auspicious occasion of Gudi Padwa with rare and precious Platinum
The Art of Jewellery

Celebrate the auspicious occasion of Gudi Padwa with rare and precious Platinum

As Maharashtra and other A western states of India rejoice in the festive spirit of Gudi Padwa, people embrace the rich traditions of the Marathi new year.

time-read
2 Minuten  |
April 2024
Divine Solitaires launches Solus, a range of premium yellow diamond jewellery
The Art of Jewellery

Divine Solitaires launches Solus, a range of premium yellow diamond jewellery

Divine Solitaires, launched its premium range of vivid and intense yellow diamond jewellery under the name of Solus by Divine Solitaires. These rare and premium, natural yellow diamonds evoke the warmth of the sun and brilliance of a stars.

time-read
1 min  |
April 2024
Shaping the Future of Gem & Jewellery Industry with Design Gallery Initiatives and Gem and Jewelry Career Center by GIA India
The Art of Jewellery

Shaping the Future of Gem & Jewellery Industry with Design Gallery Initiatives and Gem and Jewelry Career Center by GIA India

In an exclusive interview at IIJS Tritiya in Bangalore, Sriram Natarajan, Managing Director of GIA India speaks to Sumesh Wadhera, Chief Editor, AOJ about \"How Design Gallery initiative encourages Budding Designers\" and on the sideline he also talks about creating job opportunities through Gem and Jewelry Career Center by GIA India

time-read
2 Minuten  |
April 2024
GJEPC unveils exclusive Gem & Jewellery Show in Jaipur for international buyers
The Art of Jewellery

GJEPC unveils exclusive Gem & Jewellery Show in Jaipur for international buyers

GIBPC JEPC hosted the 3rd edition of International Gem & Jewellery Show (IGJS) in Jaipur. The event, powered by Gemfields, is being held from 12th to 14th April at Novotel Jaipur Convention Centre, Jaipur.

time-read
2 Minuten  |
April 2024