ENA Sectors 2024-10-16 17:58:53 <p><span style="font-size:14px"><strong>New Delhi, Oct 16 (KNN)</strong> The Central Board of Indirect Taxes and Customs (CBIC) issued Notification No. 25/2024-Central Tax on 9 October 2024, mandating a 2 per cent Tax Deducted at Source (TDS) on purchases of metal scrap from registered suppliers.</span></p> <p><span style="font-size:14px">The new rule, which came into effect on 10 October 2024, applies to all businesses engaged in B2B transactions involving metal scrap.</span></p> <p><span style="font-size:14px">This measure aims to enhance tax compliance and streamline revenue collection in the sector.</span></p> <p><span style="font-size:14px">Under the new guidelines, the TDS structure varies depending on the nature of the transaction. For intra-state supplies, the 2 per cent TDS is equally split between the Central Goods and Services Tax (CGST) and the State Goods and Services Tax (SGST), with each accounting for 1 per cent.</span></p> <p><span style="font-size:14px">In contrast, inter-state transactions will see the entire 2 per cent TDS fall under the Integrated Goods and Services Tax (IGST) category.</span></p> <p><span style="font-size:14px"><em><strong>(KNN Bureau)</strong></em></span></p> 39618 https://knnindia.co.in/news/newsdetails/sectors/cbic-mandates-2-tds-on-b2b-metal-scrap-transactions 2024-10-16 17:58:53 knnindia.co.in