New Delhi: Giving in to demands from various sections, government today rolled back the one% excise duty levy on branded or unbranded precious metal jewellery and deferred implementation of tax avoidance rules on foreign investors but left untouched the proposal to tax Vodafone-type deals retrospectively.
Moving the Finance Bill, 2012 for consideration in the Lok Sabha, Finance Minister Pranab Mukherjee raised the threshold limit for tax collection at source (TCS) by sellers on cash purchases of jewellery to Rs. 5 lakh from Rs. 2 lakh. (PTI)
