Tag: India: Budget raises TCS on scrap sales to 2% tightening liquidity but pushing formalisation

Higher levy lifts upfront cash outflows, but tax burden stays same Short-term cash flow pressure likely for IF steelmakers, traders India’s Union Budget 2026 has proposed raising the tax collected at source (TCS) on scrap sales to 2% from 1%. While the higher levy does not increase the effective tax burden — as TCS remains adjustable…