Finally Pranab Mukherjee Withdraws Tax On Gold Jewellery

Finance Minister Pranab Mukherjee has announced much awaited withdrawals of Tax on gold jewellery and postpone of the General Anti-Avoidance rules (GAAR) today.

Pranab Mukherjee

Jewellery sector in India was demanding to finance minister for quite sometime.

“The government has decided to withdraw the levy (one per cent excise duty) on all precious metal jewellery, branded or unbranded, with effect from March 17, 2012,” Pranab Mukherjee announced at the Lok Sabha today.

The threshold limit for TCS on cash purchase of jewellery has increased to Rs 5 lakh from the current Rs 2 lakh. However, there is no change in bullion purchase. The threshold limit for cash purchase on bullion will be stand at Rs 2 lakh.

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