The Central Government vide notification dated 30 March, 2022 has issued clarification regarding Section 206C of Income Tax Act. Under Section 206C TCS rules, sellers must collect TCS from the buyer. Now, this section has an exemption. Under section 206C of the Income Tax Act, if a resident of India purchases goods for manufacturing or producing other items instead of trading, such goods will not attract tax.
It is clarified that this exemption shall not apply to an individual who is not a resident in India and who is visiting India.
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