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Expert Tax Advisory Services – HCO & Co.

At HCO & Co., we provide expert tax advisory services to help individuals and businesses manage their taxes efficiently. Our team ensures you understand tax regulations, file returns on time, and minimize tax liabilities. Let us handle your tax concerns, so you can focus on growing your business.

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Expert Tax Advisory Services – HCO & Co.

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  1. Changes in GST in relation Metal Scrap Transactions HCO & Co., Chartered Accountants

  2. Agenda 1. Purchase of Metal Scrap from unregistereddealers 2. Purchase of Metal Scrap from registered dealers 2 2 / 4 / 2 0 X X

  3. Purchase of metal scrap from unregistered dealers RCM is applicable on purchase of metal scrap from unregistered dealers CBIC issued Notification No. 06/2024 – Central Tax (Rate) dated 08.10.2024 to bring the purchase of metal scrap falling under chapters 72 to 81 under RCM when purchased from unregistered dealers. This notification is effective from 10thOctober 2024. Therefore, any registered person purchasing metal scrap from an unregistered person is required to GST under RCM. 3 F o r P r i v a t e C i r c u l a t i o n O n l y H C O & C o . ,

  4. Purchase of metal scrap from registered dealers TDS is applicable on purchase of metal scrap from registered dealers CBIC issued Notification No. 25/2024 – Central Tax dated 09.10.2024 bringing metal scrap under the category of TDS when purchased from registered dealers. Therefore, a registered person is liable for deducting TDS under Section 51 of GST Act at the rate of 2% (1% of CGST and 1% of SGST) when metal scrap falling under chapters from 72 to 81 is purchased from a registered person. This notification is effective from 10thOctober 2024. 4 F o r P r i v a t e C i r c u l a t i o n O n l y H C O & C o . ,

  5. The following points to be kept in mind while deducting TDS  TDS is applicable only when the value of the contract exceeds Rs. 2,50,000/-  TDS shall be deducted on the value excluding GST  A separate registration needs to be taken for deducting, depositing and filing TDS returns  TDS needs to be deposited and GSTR 7 return to be filed within 10thof the next month. 5 F o r P r i v a t e C i r c u l a t i o n O n l y H C O & C o . ,

  6. Get in touch with us CA. Abid Khan Our Presence: • Lucknow • NOIDA No 19, 4thFloor, The Oyster, • Gorakhpur • Mau Nandidurga Road, Jayamahal, • New Delhi • Rewa Bengaluru 560046 • Ranchi • Patna • Prayagraj • Dehradun Mobile : 9972490021 Email:abid@hcoca.com 6 F o r P r i v a t e C i r c u l a t i o n O n l y H C O & C o . , H C O & C o . ,

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