This book covers a broad spectrum of aspects in the context of works contracts. It provides an understanding of the impact of GST as applicable to ‘works contracts’ vis-à-vis a wide range of construction and EPC/O&M contracts or concession agreements.
This book serves as a comprehensive and practical guide for tax specialists and generalist legal advisors.
The Present Publication is the 8th Edition, authored by Sudipta Bhattacharjee, Rishab Prasad & Abhishek Garg. This book is amended by the Finance Act 2022 and amended up to 25th April 2022. The key features of this book are as follows:
- [34 Crisp, Easily Readable Chapters] each explaining the concepts with several case-studies
- [Evolution of Concepts from the Pre-GST Era] have also been touched upon in the book to provide a comprehensive understanding
- [Sector-wise Coverage] which includes the following:
- Oil & Gas Sector
- Real Estate Sector
- Road/Highway Projects
- Ports
- Thermal and Solar Power Generation
- Large Manufacturing Plants
- Large Urban Water Supply Projects
- [Analysis of Hot-button Issues] such as:
- What can qualify as immovable property?
- Input Tax Credit related aspects as applicable to ‘works contracts’
- Impact on Advances/Security Deposits
- ‘Free of Cost’ Supplies
- Transitional Issues
- Anti-profiteering
- [Detailed Analysis] on the following topics:
- Analysis on the applicability of GST on liquidated damages with detailed reference to the updated legal position in the European Union/United Kingdom
- Practical Strategies vis-à-vis structuring various types of construction/EPC contracts
- Best practices for tax controversy management under GST
The detailed contents of the book are as follows:
- Introduction to the scheme of GST
- Evolution of ‘Works Contract’ Pre-GST
- Definition of ‘Works Contract’ under GST
- Case Studies: Applying the understanding of ‘Works Contract’
- ‘Works Contract’ must pertain to ‘Immovable Property’ – What is ‘Immovable Property’
- For a contract to qualify as a ‘Works Contract’, it must involve ‘Transfer of Property in Goods’ – What is ‘Transfer of Property in Goods’
- ‘Composite’ and ‘Mixed Supply’ – Relevance under ‘Works Contract’
- The interplay between composite supply, mixed supply and works contract
- Classification of services under GST and ‘Works Contract’
- Input Tax Credit for ‘Works Contract’
- Case Studies to practically understand whether a contract would qualify as a ‘Works Contract’
- Comparison with Pre-GST regime – What constituted ‘Works Contract’ then, do they still qualify as ‘Works Contract’?
- Registration for Works Contractor under GST
- Time of supply and issuance of invoice (Point of Taxation)
- Impact of GST on advances/security deposits, etc.
- Valuation and ‘Free of Cost’ supplies by the customer
- Place of supply
- Liquidated damages under works contract & GST implications
- GST Rates as applicable on various types of works contracts
- Summarizing the key differences in ‘Works Contract’ in the Pre and Post GST era
- Transition provision under GST for Works Contract
- Tax Deduction at Source (‘TDS’)
- Works Contract and implications in Oil & Gas Sectors
- Works Contract and implications in Real Estate
- Works Contract and implications for Roads/Highways
- Works Contracts and implications on Ports
- Works Contracts and implications on Thermal Power Generation
- Works Contract and implications on Solar Power Generation
- Works Contract and implications on Large Manufacturing Plants
- Works Contract implications on Large Water Supply Projects
- GST and anti-profiteering
- Practical strategies vis-à-vis structuring of various types of works contract under GST
- What happens to the ‘No-Income Tax’ position for offshore supplies under a single EPC contract post GST?
- Best practices for tax controversy management under GST
Details :
- Publisher : Taxmann
- Author : Sudipta Bhattacharjee
- Edition : 8th Edition 2022
- ISBN-13 : 9789356221444
- ISBN-10 : 9789356221444
- Language : English
- Binding : Paperback