Scrap sale taxable ???
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
23 January 2013
is scrap sale taxable ?
Guest
Guest
(Expert)
23 January 2013
As per Section 206C, TCS is to be collected on the amount of scrap sold @ 1%, over and above the sale price.
Example:
Sale price - Rs. 100
Excise - Rs. 10
Sub-total - Rs. 110
VAT - Rs. 11
Sub-total - Rs. 121
TCS @ 1% - Rs. 12.1
Total - Rs. 133.1
Example:
Sale price - Rs. 100
Excise - Rs. 10
Sub-total - Rs. 110
VAT - Rs. 11
Sub-total - Rs. 121
TCS @ 1% - Rs. 12.1
Total - Rs. 133.1
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