Latest TCS Rates for FY 2016-17

Author
By Hiral Vakil on March 8, 2019

TCS rates to be collected by Seller

TCS Rates are different for each specified category of goods and the TCS so collected by the seller is required to be deposited with the government.

Here are the latest TCS Rates for FY 2016-17 (AY 2017-18) w.e.f. 01/06/2016.

Nature of GoodsTCS Rates
Alcoholic liquor for human consumption1%
Tendu Leaves5%
Timber obtained under a Forest Lease2.5%
Timber obtained by any mode other than Forest Lease2.5%
Any other Forest produce not being forest timber or tendu leaves2%
Scrap1%
Bullion if consideration exceeds Rs. 2 Lakhs or jewellery, if consideration exceeds Rs. 5 Lakhs (and applicable if amount is received in cash {from 1st July 2012} SEC 206C (1D)1%
Parking Lot, Toll Plaza, Mining and Quarrying2%
Minerals being Coal or Lignite or Iron ore (applicable from 1st July 2012)1%
Sale of Cars (New and Old) if sale is above Rs. 10 Lakhs1%
Sale of Goods in cash exceeding Rs. 2 Lakhs1%
Providing Any Service (Other than payments on which TDS has been deducted) exceeding Rs. 2 Lakhs.1%

The seller has to file a quarterly return in Form 27EQ on or before following due date. And the seller has to issue the TCS Certificate to buyer in Form 27D. Due date for depositing TCS with the government are same as the due date of TDS.