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 is a comprehensive and practical guide for tax specialists and generalist legal advisors.
The Present Publication is the 9th Edition and has been amended by the Finance Act 2023. This book is authored by Sudipta Bhattacharjee, Rishab Prasad & Abhishek Garg, with the following noteworthy features:
[30+ 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
[Guidance on Available Legal Arguments] on critical areas of dispute 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
Overview of Treatment of Construction Contracts under International VAT/GST Regimes for a Comparative Perspective
‘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’
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’
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 Contracts 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
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