Expensive cars, jewellery to become cheaper as TCS to be out of GST working

In a relief to buyers of high-value cars and jewellery, the CBIC has said that the TCS amount would be excluded from the value of goods for computing GST liability. Under the Income Tax Act, tax collection at source (TCS) is levied at 1 per cent on purchase of motor vehicles above Rs 10 lakh,  jewellery  exceeding Rs 5 lakh and bullion over Rs 2 la…