TCS rate on liquor, scrap and minerals rationalised to 2%

The Union Budget 2026, presented by Finance Minister Nirmala Sitharaman, has proposed rationalising the TCS rate on sellers of specific goods, namely alcoholic liquor, scrap and minerals, to 2%. The rate on these products currently stands at 1%. Additionally, the TCS rate on tendu leaves has been reduced from 5% to 2%.