Advise on jewellery information

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

11 May 2012 Dear sir,

Please advise me on below information...

To curb the flow of unaccounted money in the bullion & jewellery trade, the
collection of Tax at Source (TCS) by the seller @ 1 % of the sale amount from the
buyer for all cash transactions exceeding Rs.2 lakh had been proposed in Union
Budget 2012-13. This threshold limit has been enhanced to Rs. 5 Lakh in respect
of jewellery and bullion. In respect of bullion, it is further clarified that bullion
will not include any coin or other article weighing 10 gms or less. (AS PER BHADRESH S. SHAH & CO.)

Querist : Anonymous

Querist : Anonymous (Querist)

11 May 2012 please advise me...

Querist : Anonymous

Querist : Anonymous (Querist)

11 May 2012 its to urgent, plz advise me as soon as possible

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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11 May 2012 This simply means that when a person purchases any jewellery from a jeweller exceeding Rs. 5 lakhs and makes the payment for the same in cash, the jeweller will collect an additional amount of 1% on the total invoice value (known as TCS).

Accordingly the buyer will have to provide his PAN to the jeweller.

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