Important Notice for Metal Scrap buyers

Addition of GST TDS wef 10 Oct24
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Dear Vendor / Customer Partner,

W.e.f. 10th October, 2024, the CBIC has notified that there shall be deduction of GST TDS @ 2% on supply of metal scrap falling under Chapters 72 to 81 in the First Schedule to the Customs Tariff Act by registered person in B to B supply.
The GST TDS shall be deducted when the payment is made or credited to the suppliers Account.
The deductor will be liable to pay the TDS amount to the Govt. within ten days after the end of the month in which such deduction is made. A certificate of tax deduction at source shall also be issued by the supplier in the format prescribed in GSTR 7A.
Accordingly, it is advised to kindly take necessary actions at your end such as obtaining GST TDS registration and ensure compliances with the GST TDS provisions.