Dear Sir, we are a construction company and sale scrap of steel and wooden. We used to collect TCS @ 1% on base value of scrap. What is the treatment in GST. Please update
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Tcs on sale of scrap
Replies (3)
There is no change in TCS which is collected under Income Tax Act 1961.
Kindly clarify whether Income Tax TCS on sale of Scrap should be included in the Value of Supply and GST has to be charged on Income Tax TCS (or) TCS has to be charged on value of goods including GST? This question arises when the Section 15(2) of GST ACt on Value of Supply read “2) The value of supply shall include–––(a) any taxes, duties, cesses, fees and charges levied under any law for the time being in force other than this Act, the State Goods and Services Tax Act, the Union Territory Goods and Services Tax Act and the Goods and Services Tax (Compensation to States) Act, if charged separately by the supplier;”. Requesting Experts clarification.
Dear Sir,
we are sale sum scarp which is genrated in manufacturing process, so now we want to applicable TCS on scarp sales, but we have confusion for TCS is applicable 1% on only basic value or Basic+ GST please explen:
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