Is tcs applicable on sale of scrap
This query is : Resolved
Vijay Kumar
(Querist)
19 January 2012
Dear Team,
I'm working for a manufacturing company and during manufacturing process there has been some waste being generated and we sale them as scrap here are the details below:
We are selling some waste elastic cut pieces generated from manufacturing of Elastic (it is an apparel used for Inner wears). also we are selling some waste Plastic drums(stores chemiclas),waste polythene covers(carry bags of elastic.
Kindly advice me whether TCS is applicable on these Items. If applicable please let me know the % of TCS applicable.
Thanks & regards,
V B Vijay Kumar.
I'm working for a manufacturing company and during manufacturing process there has been some waste being generated and we sale them as scrap here are the details below:
We are selling some waste elastic cut pieces generated from manufacturing of Elastic (it is an apparel used for Inner wears). also we are selling some waste Plastic drums(stores chemiclas),waste polythene covers(carry bags of elastic.
Kindly advice me whether TCS is applicable on these Items. If applicable please let me know the % of TCS applicable.
Thanks & regards,
V B Vijay Kumar.
19 January 2012
As per Section 206C, TCS is to be collected on the amount of scrap sold @ 1%. TCS is over and above the sale price.
For eg.
Sale Price 10,000
Add: VAT @ 13.5% 1,350
Add: TCS @ 1% 113.50
TOTAL 11,463.50
For eg.
Sale Price 10,000
Add: VAT @ 13.5% 1,350
Add: TCS @ 1% 113.50
TOTAL 11,463.50
Vijay Kumar
(Querist)
19 January 2012
Well Noted.
Thank you very much.
Thank you very much.
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