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.
この記事は The Art of Jewellery の February 2017 版に掲載されています。
7 日間の Magzter GOLD 無料トライアルを開始して、何千もの厳選されたプレミアム ストーリー、9,000 以上の雑誌や新聞にアクセスしてください。
すでに購読者です ? サインイン
この記事は The Art of Jewellery の February 2017 版に掲載されています。
7 日間の Magzter GOLD 無料トライアルを開始して、何千もの厳選されたプレミアム ストーリー、9,000 以上の雑誌や新聞にアクセスしてください。
すでに購読者です? サインイン
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.
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.
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.
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.
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.
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.
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.
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.
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
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.
