26 April 2025
TCS under Section 206C(1) specifically includes "scrap". The term "scrap" means waste and scrap from the manufacture or mechanical working of materials which is definitely not usable as such because of breakage, cutting up, wear, or other reasons. TCS on the sale of "scrap" under Section 206C(1) is applicable at 1% regardless of the value of transaction. There is no specific threshold limit based on the value of a single sale of scrap. The 'seller' and 'buyer' in the transaction are specifically defined under the section.