Suresh Jain (proprietor) (175 Points)
05 November 2024Sir, we are regisreterd manufacturer and metal scrap is our raw materil , Is Reg 07 (TDS 2% on purchase of metal scrap) applicable for us ?? or it is applicable for only dealer like traders who sell the scrap further as it is ?? Thank you in advance
Rama chary Rachakonda
(Master in Accounts & Lawyer email ID:ramachary64@gmail.com voice no:9989324294)
(4854 Points)
Replied 05 November 2024
This is applicable if the manufacturer's turnover exceeds ₹10 crores in the previous financial year.
1. If you are a registered person (manufacturer) under GST and have a valid GSTIN.
2. If the metal scrap is used as raw material for manufacturing goods.
3. If the value of the metal scrap purchased does not exceed ₹5 lakhs in a single transaction.
CAclubindia
