satyaprakash (Working as an assisstant in a Tax Consulting Firm) (134 Points)
22 February 2013Hi,
Kindly clarify.
What is the VAT rate for pastic scrap sales under Karnataka VAT Act? Also does this attract tcs provisions?
Regards,
Satya
MJ Krishnamurthy
(ACCT(Retd))
(7197 Points)
Replied 23 February 2013
Mr Satyaprakash,
It is 5.5% for miscellneous scrap. What is that tcs? please elaborate.......mjk
satyaprakash
(Working as an assisstant in a Tax Consulting Firm)
(134 Points)
Replied 23 February 2013
Nazia
(Asst Manager - Finance)
(139 Points)
Replied 26 February 2013
can someone tell me what is VAT applicability for sale of computers as scrap in Tamil Nadu
Mr Subrata Dasgupta
(Finance Professional)
(171 Points)
Replied 26 February 2013
| Originally posted by : satyaprakash | ||
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Hi Krishna, tcs is tax collected at source. will scrap sales attract tcs provisions? Regards, Satya |
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Normally scrap sales attract the provisions of section 206 of the Income Tax Act. However the following conditions have to be met:-
1. The scrap should have been generated through a process of manufacture or mechanical working of materials.
2. It shoud not be a by-product.
3. It cannot be sold "as such"
Mr Subrata Dasgupta
(Finance Professional)
(171 Points)
Replied 26 February 2013
| Originally posted by : Nazia | ||
|
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can someone tell me what is VAT applicability for sale of computers as scrap in Tamil Nadu |
|
Since the Computers will be sold as "Scrap Computers" it should attract the rate of tax as applicable to "Computers" in the state of Tamil Nadu. This is because the sale is "as such" sales.
CAclubindia
