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Any registered person receiving supplies of metal scrap classified under Chapters 72 to 81 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975), from another registered person, is required to deduct TDS under Section 51 of the CGST Act, 2017.
GSTN has introduced an update to facilitate the registration compliance for buyers of metal scrap through form GST REG-07. This update follows the new GST provisions for metal scrap buyers as outlined in the advisory issued on October 13.
The government has issued Notification 25/2024-Central Tax, on October 9, 2024 under Section 51 of the CGST Act, 2017 mandating compliance by the businesses dealing with Metal Scrap.
B. Venkateswaran I.R.S, Assistant Commissioner Central GST (Retired), Coimbatore presents a note on RCM & TDS u/s 51.
CBIC issued Notification no. 24/2024-Central Tax dated 09.10.2024 & Notification no. 25/2024-Central Tax dated 09.10.2024.
Next GST Council meeting may announce relief to Steel companies on metal scrap. Steel Ministry has sent its proposal to the finance ministry. Ministry recommended GST under reverse charge mechanism on metal scrap Steel industry can get input tax credit…