As per the recent tweet by ET Now, sources say GST Council may consider relief to steel companies on metal scrap in the next meeting.
- Next meeting of GST council may announce relief to Steel companies on metal scrap
- Steel Ministry has sent its proposal to the finance ministry
- Ministry recommended GST under reverse charge mechanism on metal scrap
- Steel industry can get input tax credit under reverse charge mechanism
- Alert: Manufacturers can’t claim ITC on purchase of scrap from unregistered dealer
- Ministry recommends charging GST from manufacturer on purchase of scrap
- Steel Ministry discuss this issue in the meeting with the advisory group
- However, Steel companies are asking for lower GST on metal scraps from 18% to 5%
Source from: https://twitter.com/ETNOWlive/status/1611298167768887296?t=zuaFdHCxp9psNSIy8As8mg&s=19