Jewellery stocks sizzle as Government rolls back 1% TCS on cash buys
DSIJ Intelligence / 31 May 2016
Even as government rolled back its budget decision to apply 1 percent tax collection at source (TCS) on cash buys of gold jewellery of Rs. 2 lakh and above, the jewellery and diamond stocks sizzled on bourses on Tuesday
Even as government rolled back its budget decision to apply 1 percent tax collection at source (TCS) on cash buys of gold jewellery of Rs. 2 lakh and above, the jewellery and diamond stocks sizzled on bourses on Tuesday.
Jewellery and diamond stocks like Geetanjali gems, Shree Ganesh Jewellery House, Tribhuvandas Bhimji Zaveri, Tara Jewels and Renaissaince Jewels were up by 2-10 percent on an intra-day basis on Tuesday.
Jewellery and diamond stock performance:-
The government's roll back decision comes at a crucial time for jewellers, as the jewellers are finding it difficult to improve sales and reduce the stock pile due to the 42 day strike in protest against imposition of 1 percent excise duty on gold and diamond jewellery. The increase in threshold limit to Rs. 5 lakh from Rs. 2 lakh will be a major relief for the jewellers as Rs. 2 lakh is a small amount for wedding jewellery.
Government had introduced TCS to curb tax evasion and check black money transactions.
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