Suresh Jain (proprietor) (177 Points)
05 November 2024Sir, we are regisreterd manufacturer and metal scrap is our raw materil , Is Reg 07 (TDS 2% on purchase of metal scrap) applicable for us ?? or it is applicable for only dealer like traders who sell the scrap further as it is ?? Thank you in advance
Rama chary Rachakonda
(Master in Accounts & high court Advocate)
(8423 Points)
Replied 05 November 2024
This is applicable if the manufacturer's turnover exceeds ₹10 crores in the previous financial year.
1. If you are a registered person (manufacturer) under GST and have a valid GSTIN.
2. If the metal scrap is used as raw material for manufacturing goods.
3. If the value of the metal scrap purchased does not exceed ₹5 lakhs in a single transaction.
Suresh Jain
(proprietor)
(177 Points)
Replied 06 November 2024
sir, thank you for reply, Some where 2.5lac of single bill/contract mentioned , Can you please reply is the value changed from 2.5 lac to 5.00 lac recently by govt ?? thank you
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