Govt rolls back change in 1% tax on gold jewelry
The government has reportedly decided to roll back its decision to apply 1% tax collection at source (TCS) on cash purchase of gold jewellery with effect from June 1. TCS, a measure to curb tax evasion and black money transactions, would be charged on purchases worth ₹5 lakh and above, as earlier, instead of the decreased threshold of ₹2 lakh.