TCS on rubber compound scrap
This query is : Resolved
26 April 2011
Dear Sirs
Ours is a Tyre manufacturing company and our main raw material is Rubber and output is Tyres. During this manufacture, scrap is generated.
IT authority says that this scrap should be treated as Forest produce and hence TCS @ 2% to be deducted. whereas our company is collecting TCS @ 1% treating this as scrap generated out of manufacturing tyres
Kindly advise ?
Ours is a Tyre manufacturing company and our main raw material is Rubber and output is Tyres. During this manufacture, scrap is generated.
IT authority says that this scrap should be treated as Forest produce and hence TCS @ 2% to be deducted. whereas our company is collecting TCS @ 1% treating this as scrap generated out of manufacturing tyres
Kindly advise ?
26 April 2011
TCS to be deduct on industrial scrap.its not a forest product.
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