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Tcs on Goods @0.1% in Budget 2020

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Rajiv

Senior Accounts Officer

1548 Points Posted on 13 February 2020

Dear Sir and Mam
New provision announced in Budget about TCS on. goods above 50 lakh.
please tell me only this if we are collecting TCS on scrape u/s 206CE so will we cover under New TCS provision for collect TCS from buyer 0.1%

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Quick Summary

This discussion clarifies the applicability of the new Tax Collected at Source (TCS) provision on goods introduced in Budget 2020. The new rule mandates a 0.1% TCS on goods exceeding ₹50 lakh. It confirms that if you are already collecting TCS under Section 206CE, you are not covered by this new provision for collecting 0.1% TCS from buyers.