Scrap sale taxable ???

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23 January 2013 is scrap sale taxable ?

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23 January 2013 As per Section 206C, TCS is to be collected on the amount of scrap sold @ 1%, over and above the sale price.

Example:
Sale price - Rs. 100
Excise - Rs. 10
Sub-total - Rs. 110
VAT - Rs. 11
Sub-total - Rs. 121
TCS @ 1% - Rs. 12.1
Total - Rs. 133.1

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