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Jewelry, Cars to Become Cheaper with GST Changes
March 12, 2019
The Central Board of Indirect Taxes and Customs (CBIC) released a circular recently which said that the tax collection at source (TCS) need not be included during GST calculation. However, it’s clarified that the TCS is an interim levy rather than a tax on goods and it must be adjusted against the final income tax liability in case an income is generated from the sale of goods.
At present, 1% TCS is imposed on the purchase of jewelry worth more than ₹5 lakhs, and cars worth more 10 lakhs. However, as per the notification, automobile and jewelry buyers can look forward to lower prices.
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