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Excise on scrap sales

Bhaskar Burra (Execution Executive) (66 Points)

28 November 2012

Sir,

Could you please confirm that, shall we put Excise on Scrap Sales i.e. M.S. SCRAP (IRON) along with TCS 1%.

Please clarify

Thanks!

Bhaskar

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3 Replies

Arun Kumar Singh (GST Advocate) (15220 Points)
Replied 28 November 2012

Excise duty will be paid on scrap.

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Anandan (HOD accounts) (502 Points)
Replied 29 November 2012

@ Bhaskar, If you are under Excise and if you are selling scrap, then you will have to charge Excise duty @ 12.36% and vat as per applicable. TCS @ 1% is similar to TDS. You will have to deduct TCS against the bill value.

Regards

Anandan.s

DEEPAK ROHERA (Senior Accountant) (285 Points)
Replied 30 November 2012

Mr. Bhaskar first your the duty on M.S.Scrap assassable vale than State tax is applicable than you put the TCS @ 1% ie; your product value is Rs. 100 than you charged Excise Duty 12.36% your Bill value is 112.36 than state tax if 4% 4.49 Bill value is 116.85 than TCS is applicable 1% 1.17 than total value is 118.02