Rates of TCS applicable for FY 2021-22 (AY 2022-23) by ICMAI

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 forest lease

2.5

6CD

Any other forest produce not being timber or tendu leaves

2.5

6CE

Scrap

1

6CI

Tendu Leaves

5

6CJ

Minerals, being coal or lignite or iron ore

1

6CK

Bullion &Jewelry

Omitt. by Finance Act 2017 (w.e.f. 1-

4-2017)

SECTION 206C (1C)

6CF

Parking Lot

2

6CG

Toll Plaza

2

6CH

Mining & Quarrying

2

SECTION 206C (1F)

6CL

Motor Vehicle (any mode of payment)

(Seller, who receives any amount as consideration for sale of a motor vehicle of the value exceeding 10 lakh Rupees)

1

SECTION 206C (1E)

6CM

Cash Sale of any goods (other than bullion/jewelry)

Omitt. by Finance Act 2017 (w.e.f. 1-4-2017)

6CN

Providing any services (other than Ch-XVII-B)

Omitt. by Finance Act 2017 (w.e.f. 1-4-2017)

SECTION 206C (1G)

6CO

Overseas Tour Program Package

(Every person being a seller of an overseas tour program package, who receives any amount from a buyer, being the person who purchases such package)

5

(TCS in case of Non-Furnishing of PAN/Aadhaar 10%)

6CP

Remittance under LRS for education loan taken from financial institution mentioned under section 80E

(Amount or aggregate of the amounts in excess of 7 lakh rupees remitted by the buyer in a financial year, if the amount being remitted out is a loan obtained from any financial institution as defined in section 80E, for the purpose of pursuing any education)

0.50

6CQ

Remittance under LRS (for purpose other than for purchase of overseas tour package or for education loan taken from financial institution mentioned under section 80E)

(Person, being an authorised dealer, who receives an amount/aggregate of amounts exceeding 7 Lakh, for remittance out of India from a buyer, being a person remitting such amount out of India under the Liberalised Remittance Scheme of the Reserve Bank of India)

5

(TCS in case of Non-Furnishing of PAN/Aadhaar 10%)

SECTION 206C (1H)

6CR

Sale of Goods

Every person, being a seller, who receives any amount as consideration for sale of any goods of the value or aggregate of such value exceeding 50 lakh rupees in any previous year, other than the goods being exported out of India or goods covered in sub-section (1) or sub-section (1F) or sub-section (1G)

Budget Update

In case of transaction on which TDS u/s.194Q is applicable w.e.f 01/07/2021, then TCS u/s.206C(1H) not applicable

0.1

(TCS in case of Non-Furnishing of PAN/Aadhar 1%)

SECTION 206CCA

Higher Rate of TCS for Non Filer of ITR

Proposed section 206CCA of the Act would apply on any sum or amount received by a person (herein referred to as collectee) from a specified person. The proposed TCS rate in this section is higher of the following rates –

• twice the rate specified in the relevant provision of the Act; or
• the rate of 5%