Taxmann GST on Works Contract & Other Construction/EPC Contracts By Sudipta Bhattacharjee Rishabh Prasad Abhishek Garg Edition May 2022

 945

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.

Taxmann GST Works Contract Other Construction Sudipta Bhattacharjee

Taxmann GST Works Contract Other Construction Sudipta Bhattacharjee

Description

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

About the Author

Sudipta Bhattacharjee:

Sudipta is a Partner at a  reputed law firm based out of Delhi and has more than 12 years of experience in providing strategic tax and allied commercial-legal advisory services to clients in diverse sectors and in structuring, drafting, reviewing, and negotiation of various contracts. He is a lawyer by qualification, and has graduated from the prestigious National University of Juridical Sciences, Kolkata.

Sudipta specializes in all pre-GST Indian indirect taxes including Customs, Excise, Service Tax as well as GST and contract documentation related services. He has been involved in providing strategic advice on the GST transition and implementation in India to businesses across sectors and has undertaken several training sessions educating clients and general public about the impact of GST on their key business processes. Sudipta has also led VAT impact assessments for business conglomerates in Kuwait relating to the proposed VAT introduction in middle-east (Gulf Cooperation Council countries).

Sudipta has written extensively on GST and other tax issues in newspapers like Business Stan

Rishabh Prasad

Rishabh is a tax lawyer working in one of the premiere tax law firms in the country. He graduated from the prestigious National University of Juridical Sciences, Kolkata in 2015 and has worked extensively in all areas of indirect tax including GST, Service Tax, Customs, FTP and International Trade Laws. Rishabh has also been deeply involved with the GST transition in India and has regularly been advising various corporate houses on strategic as well as typical day to day GST issues including transaction structuring. Further, Rishabh has been a part of various transnational assignments for business conglomerates in relation to the impend

Abhishek Garg

Abhishek is a practicing tax lawyer and holds dual professional qualifications of a Chartered Accountant and an Advocate. He is a Commerce Graduate from the prestigious Shri Ram College of Commerce and has done his Law from Campus Law Center, Faculty of Law, Delhi. He is an Associate  Member of Institute of Chartered Accountants of India. He has experience of handling Direct and Indirect Tax Litigation across all judicial and quasi-judicial fora. He has briefed and appeared with renowned Tax Lawyer Mr. V. Lakshmi kumaran in several high-stake tax matters in the Supreme Court of India (listed before the Special Bench constituted for tax matters in 2015). In the past one year, he has been actively involved in advising and training various MNCs and large Indian companies in implementation and tra
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