One of Client is dealling in Scrap. The Scrap is purchased from the foreign country and sold in INDIA.
Question is This Sale of Scrap is attaracted TCS because it is a sale of scrap.
TCS is attracted only for those scrap that manufacturing industry generate the SCRAP.
Please clarify the above matter
Chidananda
Scrap is generally as waste & scrap from mechanical working.But following scrap is not liable for TCS ie. packing material, old machineery scrapped which is not the result of manufaturing watse . Also by product generated from manuafcturing waste is not liable for TCS as this can be used as such...........
CAclubindia
