In the recently enacted Finance Act, 2020, a new provision has been introduced in the Income-tax Act, 1961 concerning levy of Tax Collection at Source (TCS) on sale of goods. The same is applicable in case of sellers having total turnover exceeding INR 10 crores during preceding financial year. Such sellers shall be liable to collect TCS at the rate of 0.1 percent on sale consideration received from buyer in excess of INR 50 lakhs during the year. In non PAN/ Aadhaar cases, higher TCS rate of 1 percent shall be applicable.