What is the rate 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
On what amount is TCS collected?
The rate is notified by the CBIC in Notification no. 52/2018 under CGST Act and 02/2018 under IGST Act. This means for an intra-state supply TCS at 1% will be collected, i.e 0.5 % under CGST and 0.5% under SGST. Similarly, for a transaction between the states, the TCS rate will be 1%, i.e under the IGST Act.13-Jan-2022
TCS Rate Chart for FY 2022-23
What is TCS 1 %?
TCS Rate of Different Goods
The new rules cover those whose aggregate tax deducted at source (TDS) or tax collected at source (TCS) during a fiscal year is Rs 25,000 or more. In the case of senior citizens, the aggregate of Rs 50,000 will apply.22-Apr-2022
What is the threshold limit for TCS on scrap?
Sellers, including both individuals and HUFs, must submit TCS under Section 206C if their turnover exceeds Rs. 1 crore or Rs. 50 lakh limit in a preceding year.05-May-2022
The explanation to section 206C of the IT Act provides the meaning of scrap means "waste and scrap" from the manufacture or mechanical working of material which is definitely not usable as such because of breakage, cutting up, wear and other reasons.12-Mar-2014
Is GST applicable on scrap sale?
Scrap has nowhere related to GST Laws. one could only see its meaning as per the normal mode of business. However, as per the dictionary scrap means the “waste that either has no economic value or only the value of its basic material content recoverable through recycling”.24-Jun-2022
b) Levy of Penalty: If any person fails to collect the whole or any part of the tax, then such person shall be liable to pay by way of penalty under Section 271CA, a sum equal to the amount of tax which such person failed to collect.04-Apr-2022
Who is liable to deduct TCS?
1 What is TCS tax? TCS (Tax Collection at Source) is a tax that is payable by the seller after collecting the same from the buyer at the time of sale of the goods.02-Dec-2021
Let us have a look at the statutory provisions relating to TCS. Registration: The e-Commerce Operator as well as the supplier supplying goods or services through an Operator need to compulsorily register under GST. The threshold limit of Rs. 20 lakhs (Rs.
What is the TCS rate on sale of goods for FY 2021 22?
TCS Rate Chart for F.Y. 2021-22 (A.Y: 2022-23)
In case of Inter-State Sales, IGST will be calculated with TCS as per the Income Tax Act, 1961.22-Jun-2022
Who can claim TCS refund?
Is tax collected at source refundable? Yes, the tax collected at source by the seller (paid by the buyer) is in the form of tax which can be adjusted by the buyer against its tax liability. However, if the buyer doesn't have the taxable income, then, the TCS can be claimed as a refund.07-Aug-2019
It is compulsory for government and corporate collectors to file TCS returns in its electronic form, form and following 2004-2005, financial year. Other collectors have the provision to file TCS returns in physical form or electronic form.
What is TCS tax refund?
If your client's refund is less than expected and you see a coinciding TCS TREAS 449 offset, this means that the tax payers refund has been reduced to repay a debt collected through the Treasury Offset Program. This program is designed to collect delinquent debts that are owed to states and federal agencies.
The Tribunal in this case held that the scrap items generated must have a direct nexus with the manufacturing process.TCS on sale of scrap – An unintended controversy.
Is TCS applicable on copper 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
18 February 2015 On Scrap Sale TCS is applicable not TDS. TCS on Scrap Sale @1% u/s 206C.
Is RCM applicable on scrap sale?
There is no RCM tax liability for purchase of Scrap/Used vehicles from unregistered dealers.30-Jun-2021
What is the rate of TCS on scrap sale?