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
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.
agreee with mr ketan
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%.
agree with all........
ya, there is requiremer of collection of TCS from customer to whom scrap are sold @ 1%.
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.
Naveen Fintech Pvt Ltd
Kolkata
CA Inter
View Details
Gupta Sachdeva & Co. Chartered Accountants
New Delhi
CA Final
View Details
CAclubindia
