Scrap sales - karnataka vat

Hi,

Kindly clarify.

What is the VAT rate for pastic scrap sales under Karnataka VAT Act? Also does this attract tcs provisions? 

Regards,

Satya

Replies (5)

   Mr Satyaprakash,

  It is 5.5% for miscellneous scrap. What is that tcs? please elaborate.......mjk 

Hi Krishna, tcs is tax collected at source. will scrap sales attract tcs provisions? Regards, Satya

can someone tell me what is VAT applicability for sale of computers as scrap in Tamil Nadu

Originally posted by : satyaprakash
Hi Krishna,

tcs is tax collected at source. will scrap sales attract tcs provisions?

Regards,

Satya
 

Normally scrap sales attract the provisions of section 206 of the Income Tax Act. However the following conditions have to be met:-

1. The scrap should have been generated through a process of manufacture or mechanical working of materials.

2. It shoud not be a by-product. 

3. It cannot be sold "as such"

Originally posted by : Nazia

can someone tell me what is VAT applicability for sale of computers as scrap in Tamil Nadu

Since the Computers will be sold as "Scrap Computers" it should attract the rate of tax as applicable to "Computers" in the state of Tamil Nadu. This is because the sale is "as such" sales.

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