whether vat is applicable of sale of scrap
This query is : Resolved
25 November 2009
Pls help me with this. we are into construction business.during the construction any excess cement,steel which cant be used is sold as scrap.pls tell me whether vat is apllicable or not on sale of this scrap. further if tcs will also be apllicable or no.
25 November 2009
It is applicable. TCS is applicable for Income Tax if the scrap is being sold to a trader. Scrap is a byproduct from industrial production. If you have purchased cement or tor steel or channels and have not used them and sold them as it is, they are not scrap. They are second hand goods. However, the item was used in the construction and you have cut pieces that cannot be used, you have to apply TCS as they are scrap and that too whether your buyer has paid you or not. You may land up with a situation that you may sell the scrap on credit basis and not receive the money, but TCS will have to be deposited by you irrespective.
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