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PM Modi Govt rolls back 1% TCS applicable on gold jewellery

The government has rolled back the Budget decision of charging 1% tax collection at source (TCS) on cash purchases of gold worth over Rs 2 lakh much to the relief of potential customers and jewellers.

The government had announced the levy of 1% TCS on cash transactions for buying gold worth over Rs 2 lakh as one of the measures to keep a check on and to bring down black money in the system. However, jewellers said this will only deter buying in an already lean season. Dismayed at the government’s decision, coupled with the imposition of a 1% excise duty on gold and diamond jewellery, jewellers across India shut their shops and took to the streets to strike which lasted for 45 days.

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