wheather scrap taxable if final product exempt.please give reaoning with ur answer.
2 Replies
valji
(Accounts manager-MBA)
(2150 Points)
Replied 01 July 2011
FIRST OF ALL WHEN YOU SALE THE SCRAP WHICH IS GENERATE FROM MANUFACTURING PROCESSING IS LIABLE TO TCS
EVENIF FINAL PRODUCT EXEMPT FROM TAX THE SCRAP IS NOT EXEMPT BEACUSE IT IS ADDITIONAL PROFIT GENERATE FROM COMPANY WHICH IS TAXABLE
Ram Avtar Singh
(Nagari Sultanpur U.P.Delhi)
(14497 Points)
Replied 01 July 2011
Yes, scrap is taxable all duty to collect at the time of sale of scrap. like excise / vat / TCS etc. and deposit to department.
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