New TCS Rates for the sum received on or after 01-04-2020

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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 provisionNew provision 
S. No.Goods & Services liable to TCSPAN / Aadhaar FurnishedPAN/Aadhaar Not FurnishedStatus
1Alcoholic liquor for human consumption1%Twice or 5% which ever is higherExisting Provision
2Motor Car1%Twice or 5% which- ever is higherExisting provision
3Timber obtained under Forest lease2.5%Twice or 5% which- ever is higherExisting provision
4Timber obtained by any mode other than under a forest lease2.5%Twice or 5% which- ever is higherExisting provision
5Tendu leaves5%Twice or 5% which- ever Is higherExisting provision
6Minerals, being coal or ignite or iron ore1%Twice or 5% which- ever is higherExisting provision
7Scrap1%Twice or 5% which- ever is higherExisting provision
8Any other forest pro- duce not being timber or tendu leaves2.5%Twice or 5% which- ever is higherExisting provision
9Parking Lot2%Twice or 5% which- ever is higherExisting provision
10Toll Plaza2%Twice or 5% which- ever is higherExisting provision
11Mining & quarrying2%Twice or 5% which- ever is higherExisting provision
12Overseas tour travel package5%10%New
provision
13Remittance of Forex under LRS of Rs. 7 lakh or more in a financial year5%10%New
provision
14Sale of goods in excess of Rs. 50 lakh0.1%1%New
provision

This provision shall be applicable to a person whose Turnover, Gross Receipts or Sales exceeds Rs. 10 crore.

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