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of <h1>New TCS Rules: 0.1% Collection on Sales Over Rs. 50 Lakh Annually, Effective October 2020, Applies to Large Sellers Only.</h1> The Finance Act, 2020 introduced new Tax Collection at Source (TCS) provisions effective from October 1, 2020. Sellers must collect TCS at 0.1% (0.075% until March 31, 2021) if sales to a buyer exceed Rs. 50 lakh annually, but only if the seller's turnover exceeds Rs. 10 crore. Exports are exempt. TCS applies only to amounts received after October 1, 2020. It is not an additional tax but an advance income tax, credited against the buyer's tax liability. Only sellers with over Rs. 10 crore turnover must collect TCS, affecting approximately 3.5 lakh businesses. Misinterpretations in media regarding these provisions have been clarified.
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