Detailed Jankari TDS & RCM on Metal Scrap| Applicable from 10.10.24 #gst #taxation #gstvnews
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In this video, we explain the latest GST updates affecting the metal scrap sector in India. The 54th GST Council meeting has introduced two significant changes:
TDS (Tax Deducted at Source) on B2B supplies of metal scrap: Now, registered recipients must deduct 2% TDS on payments to registered suppliers of metal scrap, effective from October 10, 2024.
Reverse Charge Mechanism (RCM) for unregistered suppliers: Registered buyers must now pay GST on metal scrap supplies from unregistered suppliers, making compliance mandatory even for small-scale suppliers who cross the threshold limit.
Watch this video to understand:
How the new TDS and RCM rules will impact your business.
What steps you need to take to comply with these new provisions.
The benefits of these changes for formalizing the metal scrap industry.
Stay informed and ensure you're prepared for these critical updates in GST compliance! If you find this video helpful, don’t forget to like, share, and subscribe for more such updates.
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