Sellers Must Collect 0.1% TCS on Goods Sales Over Rs. 50 Lakhs, with Higher Rate for Buyers Without ID
Seller must collect Tax Collection at Source (TCS) at 0.1% for goods sale consideration exceeding Rs. 50 lakhs, effective from 01.10.2020. Seller's total sales must exceed Rs. 10 crore. If buyer lacks PAN/Aadhaar, TCS increases to 1%. Exemptions apply for government entities, importers, and specific categories. The provision will not apply from 01.04.2025. Buyers and sellers remain liable for tax deduction under specified conditions.