Tax on cash purchase of jewellery from April 1

New Delhi : Cash purchases of jewellery will attract 1% tax collected at source (TCS) from April 1 if the amount exceeds Rs 2 lakh, as against the current threshold of Rs



5 lakh. Once the Finance Bill 2017 is passed, jewellery will be treated on par with general goods, which attract 1% TCS on cash purchase of above Rs 2 lakh.