Scope of TCS Expanded in Finance Bill 2020 on Overseas Remittance , Sale of Overseas Tour Package and Sale of Goods
The Finance Bill proposes to widen the scope of TCS on overseas remittance, sale of overseas tour package and sale of goods.
The new TCS Rates for the sum received on or after 01-04-2020 shall be as under:
| New provision | New provision | |||
| S. No. | Goods & Services liable to TCS | PAN / Aadhaar Furnished | PAN/Aadhaar Not Furnished | Status |
| 1 | Alcoholic liquor for human consumption | 1% | Twice or 5% which ever is higher | Existing Provision |
| 2 | Motor Car | 1% | Twice or 5% which- ever is higher | Existing provision |
| 3 | Timber obtained under Forest lease | 2.5% | Twice or 5% which- ever is higher | Existing provision |
| 4 | Timber obtained by any mode other than under a forest lease | 2.5% | Twice or 5% which- ever is higher | Existing provision |
| 5 | Tendu leaves | 5% | Twice or 5% which- ever Is higher | Existing provision |
| 6 | Minerals, being coal or ignite or iron ore | 1% | Twice or 5% which- ever is higher | Existing provision |
| 7 | Scrap | 1% | Twice or 5% which- ever is higher | Existing provision |
| 8 | Any other forest pro- duce not being timber or tendu leaves | 2.5% | Twice or 5% which- ever is higher | Existing provision |
| 9 | Parking Lot | 2% | Twice or 5% which- ever is higher | Existing provision |
| 10 | Toll Plaza | 2% | Twice or 5% which- ever is higher | Existing provision |
| 11 | Mining & quarrying | 2% | Twice or 5% which- ever is higher | Existing provision |
| 12 | Overseas tour travel package | 5% | 10% | New provision |
| 13 | Remittance of Forex under LRS of Rs. 7 lakh or more in a financial year | 5% | 10% | New provision |
| 14 | Sale of goods in excess of Rs. 50 lakh | 0.1% | 1% | New provision |
This provision shall be applicable to a person whose Turnover, Gross Receipts or Sales exceeds Rs. 10 crore.
