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rajender (sr. executive a/c finance)     19 December 2011

TCS on sale of packing scrap

I am working in steel processing co. When steel coil are come for processing  after processing steel coil packing remain at our end. When we sale this packing scrap . Does it compulsary we charge Tsc from coustomer if it applicable then what is percentage?. if any amount limit also tell.

W Regard.

Rajender



 7 Replies

CA Ketan Waghela

CA Ketan Waghela (Partner at Elite Educare)     19 December 2011

 

Rajender ji,

 

Scrap means waste and scrap from the manufacture or mechanical working of materials which is definitely not usable as such because of breakage, cutting up, wear and other reasons.

 

TCS is the amount that is collected over and above the amount agreed upon in case of some transactions. TCS responsibility is on the person who is the seller.

 

In your case TCS will be collected on scrap @ 1%.

 

Members please correct me if I’m wrong.

1 Like
Hemant Kumar

Hemant Kumar (Accounts Manager MBA (Fin) CMA*)     19 December 2011

Agree with Ketan.

valji

valji (Accounts manager-MBA)     19 December 2011

agreee with mr ketan

CA PRAVEEN SINGH

CA PRAVEEN SINGH (MANAGER ACCOUNTS)     19 December 2011

 

Scrap means waste and scrap from the manufacture or mechanical working of materials which is definitely not usable as such because of breakage, cutting up, wear and other reasons.

 

 

 

TCS is the amount that is collected over and above the amount agreed upon in case of some transactions. TCS responsibility is on the person who is the seller.

 

In your case TCS will be collected on scrap @ 1%.

  

1 Like
CA LOVELY ARORA

CA LOVELY ARORA (C.A. B.Com (H) Graduate)     19 December 2011

agree with all........

parag p chavda

parag p chavda (article assistant)     30 January 2012

ya, there is requiremer of collection of TCS from customer to whom scrap are sold @ 1%.

K R K Rao

K R K Rao (Chartered Accountants)     22 July 2020

The packing material is not part of waste and scrap from the manufacture or mechanical working of materials which is definitely not usable as such because of breakage. Therefore in my opinion it doesn't amount to scrap for the purpose of TCS.

 


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