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What Is Tax Collected At Source ?
The new provisions of TCS have come into force with effect from 1 October 2020 and according to it if your turnover is more than 10 crores in the previous financial year i.e. the year ended 31 March 2020, then this year you will have to collect and deposit TCS on your receipts from sale of goods from such buyers from whom you received more than Rs. 50 Lakhs as sale consideration during the current Financial year. The TCS is payable on the amount of receipt which is greater than 50 Lakhs and received after 1 st . Oct. 2020. The rate of TCS is 0.01% .
TCS RATES FOR F/Y 2022-2023
|Type of Goods||Tax %|
|Liquor of alcoholic nature, made for consumption by humans||1.00%|
|Timber wood when collected from a forest that has been leased||2.50%|
|Timber wood when not collected from a forest that has been leased, but any other mode||2.50%|
|A forest product other than tendu leaves and timber||2.00%|
|Toll Plaza, Parking lot, Quarrying and Mining||2.00%|
|Minerals that include lignite or coal or iron ore||1.00%|
|Bullion that exceeds over Rs. 2 lakhs/ Jewellery that exceeds over Rs. 5 lakhs.||1.00%|
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