The country awaits the Budget with bated breath for the impact of it and the ripples it creates is felt throughout the year.
The entire country was under lockdown and for the first time India experienced a slowdown in economy that had not been experienced in years.
The blow of COVID-19 was a global one, slowing down most economies and hampering businesses.
what everyone awaited now from the government was a tax relief.Finance Minister Nirmala Sitharaman, however, in the budget of 2020-21 announced the extension of the scope of the tax collected at source on gold industry.
Since, buying gold in this country seems to be the best investment asset as well as the easiest way of turning black money into white, it was obvious for the government to bring it under a larger tax ambit and create transparency.This new move by the government was received by the industry with a like warm response.
With respect to the gold industry if the annual turnover of the seller exceeds 100 million rupees in the current financial year then this is applicable.TCS is collected from a buyer when the total amount of goods bought exceeds 5 million rupees in the financial year.The rate for the tax is at 0.1%.