TCS is sending jitters to some sections of our society and I am happy.
This TCS is not TATA Consultancy Services but Tax Collected at Source.
Come June 1, all purchases of Bullion and Jewellery above Rs. 2 lakhs will have a TCS implication. In addition the buyer must disclose his PAN Card details.
If you make a payment through a cheque of 4.5 lakhs but cash of only 50,000, still, the provisions of TCS will apply.
Predictably, Gold and Bullion dealers are up in arms. World Gold Council has reported a 39{aff5a224634bf574f692c8c7d068a0713fecca4ea38a30d3005107227dbb12e7} drop in Gold imports in Jan-March 2016.
Honest Tax Payers, of course, should be happy and support all these measures. We need to curb black money and conspicuous expenditure.
At marriages, the Bride is hardly seen. Its more the full array of layers and layers of Gold jewellery, and gold is now talked about in kilos and not grams anymore.
The big Corruption is always thru unaccounted Gold. So let’s all hope that step by baby step, we inch towards a less Corrupt, more Ethical Society, more Professional, in a more Nation building way, the SEEGOS way.