Tcs on sale of scrap(old gunny bags)
This query is : Resolved
27 November 2014
Dear all established professionals,
please help me out
the company is in liqour manufacturing industry and it has old gunny bags left which it sells as scrap, now whether TCS should be collected on such transaction and whether old gunny bags comes in definition of scrap under it act 1961.
thank you
please help me out
the company is in liqour manufacturing industry and it has old gunny bags left which it sells as scrap, now whether TCS should be collected on such transaction and whether old gunny bags comes in definition of scrap under it act 1961.
thank you
CA Kumar Mukesh
(Expert)
27 November 2014
Please Consider that TCS is collected on Manufacturing Scrap Only.
The word "Manufacturing" have importance in TCS, if scrap is produced after manufacturing process TCS will be applicable otherwise NOT
In your present case it seems that it is packing material comes with raw material or other material, in that case TCS will not be applicable
Please Consider that TCS is collected on Manufacturing Scrap Only.
The word "Manufacturing" have importance in TCS, if scrap is produced after manufacturing process TCS will be applicable otherwise NOT
In your present case it seems that it is packing material comes with raw material or other material, in that case TCS will not be applicable
Rupesh Jain
(Expert)
29 November 2014
tcs no applicable on gunny bags its applicable on the scrap generate during the manufacturing.
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