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Government removes 1% TCS on cash purchase above Rs.2 lakh

Government removes 1% TCS on cash purchase above Rs.2 lakh

Thursday, March 23, 2017, 7:47 PM

FM Arun Jaitley, in his Budget for 2016-17, had provided for the seller to collect tax at the rate of 1 % from the purchaser on sale in cash of any goods or offering any services exceeding Rs.2 lakh. Tax collection at source (TCS) limit for cash purchase of bullion was kept at Rs.2 lakh but for jewelry, it was fixed at Rs.5 lakh.
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