Hello Everyone. In this post, we will take a look at the TCS rates on specific goods under various categories.
The TCS rates for goods specified under Section 206C of the Income Tax Act is as follows:
| Nature of Goods | Rate of TCS applicable |
|---|---|
| Category A (sale of the following) | |
| A-1. Alcoholic Liquor for Human Consumption (other than Indian Made Foreign Liquor) |
1% |
| A-2. The Indian made Foreign Liquor | 1% |
| A-3. For Tendu Leaves | 5% |
| A-4. Timber which is purchased under a Forest Lease | 2.50% |
| A-5.Timber obtained from any mode other than under a Forest Lease | 2.50% |
| A-6. Any other Forest Product other than Timber or Tendu Leaves | 2.50% |
| A-7. For Scrap material | 1% |
| A-8. For Minerals, being Coal or Lignite or Iron Ore | 1% |
| Category-B (Grant of Lease/ License of the following) | |
| B-1. For Parking Lot, Toll Plaza, Mining as well as Quarrying (excluding Mining and Quarrying of Mineral Oil, Petroleum and Natural Gas) | 2% |
| Category-C [TCS Not Applicable here from April 1, 2017] | |
| Category D (sale of the below things whether payment is received by cheque or by any other means) | |
| D-1. The motor vehicle with worth over Rs. 10 lakh | 1% |
Note: If the purchaser or licensee is a non-resident or foreign company, there is an increase in the TCS tax rates as health and education cess and surcharge will be added to it.
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