Tcs

This query is : Resolved

PARMOD KUMAR (Querist)
Follow

13 September 2011 Dear Sir,

we are the traders, we have purchased the scrap and sales the scrap. we are liable to TCS or not?

Ram Avtar Singh

Ram Avtar Singh (Expert)
Follow

13 September 2011 When you have purchase you have paid TCS then at the time of sale tcs not to be charge.

Abhishek Ranjan Singh

Abhishek Ranjan Singh (Expert)
Follow

13 September 2011 Yes you are liable to TCS

Abhishek Ranjan Singh
ARS Solution
email2ars@gmail.com
+91 9022838615

Upgrade to CAclubindia Pro. Subscribe Now!

PARMOD KUMAR

PARMOD KUMAR (Querist)
Follow

14 September 2011 We have paid the TCS at the time of purchase the scrap.

Hari Beldona

Hari Beldona (Expert)
Follow

14 September 2011 Every person being a seller of specified goods is required to collect tax at source from buyer at the prescribed rate. The specified goods and the prescribed rates now prevailing are given below:

Scrap:One per cent
You are liable for TCS

Your liability is discharged at the time of purchase itself.

Only thing you have to collect TCS Certificate from the seller.You will get credit of tax