Jewellery stocks shine on reports of tax rollback on cash purchases

By: |
New Delhi | Updated: May 31, 2016 4:51:28 PM

Jewellery-related stocks came in focus in Tuesday's trade on reports that the government has rolled back its decision to apply 1 per cent tax collection at source (TCS) on cash purchase of gold jewellery

Jewellers, Jewellers stocks, tax collection at source, tbz shares, pc jewellerJewellery-related stocks came in focus in Tuesday’s trade on reports that the government has rolled back its decision to apply 1 per cent tax collection at source (TCS) on cash purchase of gold jewellery (Reuters photo)

Jewellery-related stocks came in focus in Tuesday’s trade on reports that the government has rolled back its decision to apply 1 per cent tax collection at source (TCS) on cash purchase of gold jewellery.

According to market experts, the decision will boost the demand for gold jewellery.

Cheering the news, gems and jewellery heavyweight Titan Company shares surged as much as 4 per cent in the early trade. Other majors such as Rajesh Exports, PC Jeweller and Tribhovandas Bhimji Zaver climbed 1.65 per cent, 5 per cent and 14 per cent, respectively.

Tara Jewels shares were trading surged as much as 6 per cent in the morning trade on Tuesday.

According to the report, the government has rolled back its decision to apply 1 per cent TCS on cash purchase of gold jewellery of Rs 2 lakh and above and raised the limit to the earlier Rs 5 lakh with effect from June 1.

(With agency inputs)

Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.