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High value cars, jewellery to become cheaper as TCS to be excluded in computing GST

Purchase of high value cars and jewellery is likely to become cheaper after the Central Board of Indirect Taxes and Customs (CBIC) said that tax collected at source (TCS) by the seller would not form part of the taxable value for computing GST liability. Under the Income Tax Act, TCS is levied at 1% on purchase of motor vehicles above Rs 10 lakh, jewellery exceeding Rs 5 lakh and bullion over Rs 2 lakh. 

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