What is the GST rate for scrap sale?
18%
There is no RCM tax liability for purchase of Scrap/Used vehicles from unregistered dealers.30-Jun-2021
What is GST rate on plastic scrap?
GST Rates & HSN Codes on Plastics, Gloves, Polyesters, Resins, Natural Polymers
Copper and Copper Products Taxed at 12% GST Copper waste and scrap. Master alloys of copper.
What is sale of scrap?
Scrap sales is predominantly used for selling of scrap materials which are not part of standard finished products of the company. i.e. the original Finished Product might be scrapped due to bamage or it could be some machinary in plant that may be scrapped and then sold etc..
18 February 2015 On Scrap Sale TCS is applicable not TDS. TCS on Scrap Sale @1% u/s 206C.
What is HSN code for scrap sale?
HSN Code 3915. WASTE PARINGS AND SCRAP OF CO P.V.C. OTHER WASTE PARINGS AND SCRAP OF P.V.C.
GST Rate & HSN Code for Iron and steel - Chapter72
Who will pay GST buyer or seller?
GST is paid by the buyers or consumers at the time of purchasing the product or availing of the service.
Currently, the types of GST in India are CGST, SGST, and IGST. This simple division helps distinguish between inter-state and intra-state supplies and mitigates indirect taxes. To learn more, read about these three different types of GST.
How is TCS calculated for scrap under GST?
So the TCS is calculated on this total amount. Means we added “Scrap value + GST 12%” to arrive at the total “Sales value”. We did this to avoid any confusion from our end and ensure that taxes are not paid less. TCS 1% on this “Sale Value” is Rs 112.00 and this is withheld back from the total payment.09-Aug-2017
Yes, intra-state and inter-state supply of used vehicles, seized and confiscated goods, old and used goods, waste, and scrap made by the Central Government, State Government, Union Territory, or local authority is a taxable supply under GST.
Is GST applicable on sale of old machinery?
1 of Schedule I of the GST law (the CGST Act) treats a permanent transfer or disposal of business assets where ITC has been availed, as a deemed supply, even if it is without consideration. Therefore GST is required to be charged on sale of old machinery, rate of GST will be same as applicable on new machinery.
18%
What is the rate of copper scrap in India?
These are indicative values based on popular product prices.Metallic Labs.
Section 206C of the Income Tax Act, 1961 covers goods on which sellers must collect TCS (Tax Collected at Source) from their purchaser. However, it is only applicable for specified goods. It includes scrap, alcohol for human consumption, forest produce, minerals like coal and iron ore, timber, and tendu leaves.05-May-2022
What is the limit of TCS on scrap sale?
1%
TCS to be calculated on sales return (sales return order or sales credit memo) For example, sales return from customer for INR 10,000 on which 1% TCS is applicable for Nature of collection “Scrap”.22-Jun-2022
Is TCS applicable on Aluminium scrap?
No. Point to be Noted: “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 would not be collected if the buyer purchases the specified goods for personal consumption.04-Apr-2020
72044910
Is code a scrap?
72044900 - Other waste and scrap: Other HS Code and Indian Harmonised System Code.
What is the GST rate for scrap sale?