Quick Summary
Rates of TCS applicable for financial year 2021-22 (AY 2022-23) SECTION 206C (1) TCS Deposit Challan Code Goods Services liable to TCS TCS Rate (%) 6CA Alcoholic liquor for human consumption 1 6CB Timber obtained under Forest lease 2.5 6CC Timber obtained by any mode other than under a
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1 Year PLAN
1999
(Excl. of GST ₹359)
BEST VALUE
2 Years PLAN
3499
(Excl. of GST ₹629)
3 Months PLAN
999
(Excl. of GST ₹179)
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FAQ :
The TCS rates for FY 2021-22 (AY 2022-23) vary by item. For example, alcoholic liquor is 1%, timber is 2.5%, tendu leaves are 5%, and scrap is 1%. Motor vehicles over £10 lakh have a 1% TCS rate, while overseas tour packages and certain remittances under LRS are 5%.
The TCS rate for an overseas tour program package is 5%. If the buyer does not provide their PAN or Aadhaar, the TCS rate increases to 10%.
For remittances under LRS for education loans from financial institutions (exceeding £7 lakh), the TCS rate is 0.50%. For other LRS remittances (exceeding £7 lakh), the TCS rate is 5%, or 10% if PAN/Aadhaar is not furnished.
For the sale of goods exceeding £50 lakh in a previous year (excluding exports or goods covered elsewhere), the TCS rate is 0.1%. If PAN/Aadhaar is not provided, the rate is 1%.
A higher TCS rate applies if the buyer is a 'specified person' who has not furnished their PAN or Aadhaar. This rate is the higher of twice the specified rate or 5%.
Yes, TCS under Section 206C(1H) is not applicable for goods being exported out of India or goods already covered under other sub-sections. Additionally, if TDS under Section 194Q is applicable from July 1, 2021, then TCS under Section 206C(1H) is not applicable.
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