A system (1) for making beverages comprises a capsule holder (11) and a capsule (2) containing a powdered food substance which can be extracted to make a beverage; the capsule (2) comprises a body (3) comprising a lower wall (4), a lateral wall (5), a lid (7) and a filter bag (9). The system (1) also comprises injection means (13) for injecting water into the capsule (2) through the lid (7) and collecting means (16) comprising a piercing element (17) for piercing the lower wall (4). The inside of the capsule (2), at the lower wall (4), comprises a protection element (20) for preventing contact between the piercing element (17) and the filter bag (9). The protection element (20) together with at least the lower wall (4) forms an annular chamber (21), extending around an axis of extension (8) and being in fluid communication with the filter bag (9), and forms a seat (33) facing towards the lid (7), in which a lower part (37) of the filter bag (9) is inserted, and which is surrounded by the annular chamber (21). The piercing element (17) is positioned off center relative to the axis of extension (8), passes through the lower wall (4) at the annular chamber (21) and is partly inserted in said chamber.