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TCS on Sale of Goods Notification
In exercise of the powers conferred by section 197 and 206C read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:-
1. Short title and commencement.–– (1) These rules may be called the Income-tax ( 17th Amendment) Rules, 2020.
(2) Save as otherwise provided in these rules, they shall come into force with effect from the 1st day of October 2020.
TCS to be collected by the seller. Seller means a person whose total sales, gross receipts or turnover from the business carried on by him exceed Rs.10 crore during the financial year immediately preceding the financial year in which the sale of goods is carried out, not being a person as the Central Govt. may, by notification in the Official Gazette, specify for this purpose, subject to such conditions as may be specified therein
- TCS provisions are not applicable to the Export of Goods.
- TCS provisions are not applicable where the buyer is CG, SG, Local authority, Embassy, Commission or Consulate, etc.
- TCS provisions are not applicable to sale of goods that are already covered under other sub-sections of S.206C viz. Liquor / Scrap sales, Motor Vehicles, etc.
- TCS provisions are not applicable where a buyer is required to deduct TDS on such purchases
For more details download the TCS on Sale of Goods Notification in PDF format using the link given below.