Excise & TCS urgent......
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
08 December 2009
After the amendment brought by finance act 2008 in the definition of goods the sale of scrap arising in manufacture of floor coverings will be liable to excise duty or not?
Moreover do we need to collect tax at source on sale of such scrap?
Note: The scrap generated is the side cuttings of the material roll which arises when the pvc sheet enter into the machine!
Moreover do we need to collect tax at source on sale of such scrap?
Note: The scrap generated is the side cuttings of the material roll which arises when the pvc sheet enter into the machine!
Ram Avtar Singh
(Expert)
09 December 2009
Its exciseable and TCS shoul be deduct.
Madhukar N Hiregange
(Expert)
09 December 2009
If the valuefo clearacnes exceeds Rs. 150 lakhs or if already paying excise duty then there is no reason for duty on scrap sold not to be liable. The amendment to the definition does not make any differencne.
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