08 March 2022
Yes... 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... Under sub section (1A) it has been clarified that if the buyer intends to use these products in any manufacturing process and has furnished a declaration in Form 27C then the provision of TCS collection under the aforementioned section shall not arise.
CAclubindia
