TCS ON SCRAP

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accountant
36 Points Posted on 21 November 2020
i am an scrap dealer i have to
add Tcs on sale of scrap. on which amount should i add tcs either on value or total value(value +18%Gst)
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On 21 November 2020 at 19:21 Report
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Quick Summary
This discussion clarifies the application of Tax Collected at Source (TCS) for scrap dealers. It addresses whether TCS should be calculated on the taxable value of scrap alone or on the total amount including GST. The consensus, supported by CBDT clarifications, is that TCS is applicable only on the taxable value of the scrap, excluding the GST component.

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Accountant
3662 Points Posted on 21 November 2020
Only value.....
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On 21 November 2020 at 19:35
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Student
23693 Points Posted on 21 November 2020
TCS shall be deducted only on the "Taxable Value" and not on the GST portion, as clarified by a Circular issued by CBDT.
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On 21 November 2020 at 20:19
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96 Points Posted on 23 November 2020
TCS is applicable on whole amount.
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On 23 November 2020 at 21:29

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