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of <h1>Tax Collectors Must Deduct 1-5% on Sales of Alcohol, Forest Produce, Scrap Under Section 206C(1) Provisions</h1> Section 206C(1) mandates tax collection at source (TCS) for specific goods like alcoholic liquor, forest produce, and scrap. Sellers must collect tax at varying rates (1-5%) when debiting or receiving payment from buyers. Exemptions exist for public sector companies, government entities, and personal consumption. Buyers can claim credit for collected TCS. Special provisions apply for leasing parking lots, toll plazas, mines, and quarries, with a 2% TCS rate. Multiple clarificatory circulars have been issued to guide implementation of this tax collection mechanism.
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