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This query is : Resolved

Guest

Guest (Querist)

16 January 2012 Good Morning Experts,
can u tell me this that if we sale some scrape( b grade lamp) than sir when i raised the bill to party than willl i add vat or deducted tcs . plz clear. sir

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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16 January 2012 VAT is applicable on Sale of scrap. Further TCS has to be recovered on the total amount including VAT.

Eg.
Sale Price 1000
Add: VAT @ 13.5% 135
Add: TCS @ 1% (1%*1135) 11.35
TOTAL 1146.35

So total amount to be recovered from buyer is Rs. 1,146.35/-

CA Prashant Gupta

CA Prashant Gupta (Expert)
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16 January 2012 Vat is applicable on sale of Scrap at rate applicable in your state. then you wil get the gross amount. in that gross amount you will add TCS @ 1% and total will be recovered from buyer.