The Punjab State Power Corporation Limited (PSPCL) on October 11, 2024, issued a circular regarding GST-TDS deduction on the supply of Metal Scrap falling under Chapters 72 to 81 in the First Schedule to the Customs Tariff Act, 1975.
The following has been stated: -
•The Indian government has amended Notification No. 50/2018-Central Tax, effective October 10, 2024, requiring registered persons receiving metal scrap supplies (Chapters 72-81) to deduct GST-TDS under Section 51 of the CGST Act, 2017.
•Registered scrap purchasers must intimate PSPCL's GST Cell with party-wise GST-TDS deductions by the 5th of each month.
•This information will facilitate claims through the GSTN portal.
The detailed circular is given in the document below.
[Circular No. GST Circular 02/2024]
