TCS on Scrap

Hello everyone,      

  One of My Client is Trader of Iron Scrap & Prime Iron Steel, whose turnover is more than 10 Cr. and fall under new provision of TCS 206 1 (H), On scrap Steel he pay 0.75% TCS to seller, My queries are: -  1) is he liable to collect TCS on sale of scrap @ 0.75% and other Products which fall under 206 1(H) @ 0.075% in same invoice . 2) what is limit of Sales turnover to collect TCS on Scrap.

Replies (1)
The limit is 50 lakhs per customer per year on an aggregate basis. yes he is liable to collect TCS on sale of scrap as per the new provisions.

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