Tcs on jewellery

As per section ::206::

(1D) Every person, being a seller, who receives any amount in cash as consideration for sale of bullion 42[***] or jewellery, shall, at the time of receipt of such amount in cash, collect from the buyer, a sum equal to one per cent of sale consideration as income-tax, if such consideration,—

(i) for bullion, exceeds two hundred thousand rupees; or

(ii) for jewellery, exceeds five hundred thousand rupees.]

Whatever may be mode of payment.

Sir, is it mean latest circular no. 23 not apply to jewellery industry

Please go through Circular 22/2016, which reads:

"In order to reduce the cash transactions in sale of goods and services, Finance Act 2016 has expanded the scope of section 206C (I D) to provide that the seller shall collect tax at the rate of one per cent from the purchaser on sale in cash of any goods (other than bullion and jewellery) or providing of any services (other than payment on which tax is deducted at source under Chapter XV II-B) exceeding two lakh rupees. So far as sale of Jewellery and bullion is concerned, the provisions of sub-section (1 D) of section 206C prior to its amendment by the Finance Act,2016 shall continue to apply."

So, Circular 23/2016, does not apply to sale of Jewellary and bullion.