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.
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.
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