Jewellery to Become Cheaper as TCS to be Excluded in Computing GST
The CBDT has clarified that TCS is not a tax on goods but an interim levy on the possible "income" arising from the sale of goods by the buyer and to be adjusted against the final income-tax liability.
Amended I-T Act exempts jewellery/gold purchased out of disclosed income
The Amended I-T Act will also not apply to tax ancestral jewellery and gold.
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