Vat on scrap sales
This query is : Resolved
15 April 2016
Sir,
Our product is VAT exempted product in Gujarat. We are not availing Input Tax Credit on purchases. Now, we propose to sale Scrap which was generated in product manufacturing, shall we pay VAT on scrap sales. Kindly clarify please.
K. Srinivas
Our product is VAT exempted product in Gujarat. We are not availing Input Tax Credit on purchases. Now, we propose to sale Scrap which was generated in product manufacturing, shall we pay VAT on scrap sales. Kindly clarify please.
K. Srinivas
16 April 2016
Sir,
Our product is VAT exempted product in Gujarat. We are not availing Input Tax Credit on Purchases. We propose to sale Scrap which was generated in VAT exempted product manufacturing process shall we pay VAT on scrap.
K. Srinivas
Our product is VAT exempted product in Gujarat. We are not availing Input Tax Credit on Purchases. We propose to sale Scrap which was generated in VAT exempted product manufacturing process shall we pay VAT on scrap.
K. Srinivas
16 April 2016
Hi,
With regard to your query, VAT rate applicable on purchase of such input materials is itself applicable even to scrap generated from it.
Apart from VAT you are also required to Collect 1% TCS as per SEC 206 of Income Tax Act 1961.
With regard to your query, VAT rate applicable on purchase of such input materials is itself applicable even to scrap generated from it.
Apart from VAT you are also required to Collect 1% TCS as per SEC 206 of Income Tax Act 1961.
Message likes :
1 times
25 April 2016
you have to pay vat as applicable and also collect TCS @1% on the taxable amount+vat amount
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- About TDS & Income Tax
- Tax on Deemed Capital Gain
- Scrutiny and reopening of past returns
- F & O PROFIT REPORTING FOR AY 2026-27
- Booth for sales promotion
- Type of Capital Gain
- Regarding ITR filing with more value than showing in AIS/TIS
- ASMT-10 received from A O
- Rental income of jointly held property
- Accounting with Claude
- Difff in ais receipts and gst turnover
- ITR-3 File/Error Found
- Exiting partner in partnership firm in gst portal
- Taxability of credit in canara bank ET & T section (NRO)
- Consequences of Non-Deduction of TDS under Income Tax???????????????
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
