My uncle has a scarp business.He collects Scarp papers & machinery from all kind of institutions basically from Banks across all over the State & then he send it for recycle purpose/sale it to the factories.
So my questions are:
1.Does he need to take GST registration?
2.What are the GST rates is applicable for sacrp paper & machinery?
GST Registration Required for Scrap Business Over Threshold; Paper at 5%, Machinery at 12% HSN Chapter 84 A query was raised regarding the Goods and Services Tax (GST) implications for a scrap business dealing with paper and machinery. The consensus among contributors was that GST registration is required if the business exceeds the threshold turnover limit. For scrap paper, the GST rate was reduced from 12% to 5% as of October 2017. Machinery generally attracts a 12% GST under chapter 84 of the HSN code. It was advised to confirm the latest rates with a consultant or relevant department, as recent reductions in GST rates on various items may affect the applicable rates. (AI Summary)
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