1% tax on cash purchase of goods over ₹2 lakh
Payment in cash for buying goods and services worth more than ₹2 lakh with the exception of jewellery will attract 1% tax collected at source (TCS) from Wednesday. The existing TCS of 1% on cash purchase of over ₹5 lakh of jewellery and over ₹2 lakh of bullion will continue, tax officials said.