Taxmann's GST on Works Contract & Other Construction/EPC Contracts – Comprehensive guide covering key issues like input tax credit, liquidated damages, and sector-specific insights

Taxmann's GST on Works Contract & Other Construction/EPC Contracts – Comprehensive guide covering key issues like input tax credit, liquidated damages, and sector-specific insights
Author: Sudipta Bhattacharjee
Publisher: Taxmann Publications Private Limited
Total Pages: 19
Release: 2024-10-01
Genre: Law
ISBN: 9364559533
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This book is a comprehensive guide that discusses and analyses the complexities of GST as it applies to works contracts, construction projects, and EPC contracts across various industries. It covers critical topics such as the definition of works contracts under GST, input tax credit eligibility, valuation, sector-specific guidance (e.g., oil & gas, real estate, power generation), and best practices for tax controversy management. Its practical approach includes case studies, international comparisons, and up-to-date legal precedents. This book is a helpful reference for tax specialists, legal advisors, and professionals navigating GST compliance in construction and related sectors. The Present Publication is the 10th Edition and has been amended by the Finance (No. 2) Act, 2024. It covers the recommendations of the 54th GST Council Meeting held on 09-09-2024 and is authored by Sudipta Bhattacharjee, Rishabh Prasad & Abhishek Garg, with the following noteworthy features: • [What's New in the 10th Edition] o Latest Amendments – This Edition incorporates all amendments up to 1st September 2024, reflecting the most up-to-date legal changes and amendments in the GST law o Hot-Button Issues – Expanded coverage of hot-button issues such as: § Input Tax Credit in Works Contracts § Impact on Advances and Security Deposits § Treatment of Free-of-cost Supplies o Liquidated Damages & GST – A new in-depth chapter discusses the latest legal positions on liquidated damages, mainly focusing on the evolving jurisprudence in India and the European Union/UK o GST Rates & Classifications – Detailed guidance on GST rates applicable to various works contracts, with clear explanations of classifications and valuations under GST law • [Comprehensive Practical Guide] The book serves as a complete practical guide providing a detailed understanding of GST's impact on a wide range of construction and EPC contracts, as well as concession agreements • [Sector-wise Coverage] It includes sector-specific analysis for industries such as oil & gas, roads, real estate, ports, urban water projects, thermal and solar power projects, and large manufacturing units, making it a unique reference guide • [Detailed Chapter Structure] The book is divided into easy-to-read chapters covering the constitutional framework, sectoral guidance, input tax credit, valuation issues, and complex topics such as immovable property, free-of-cost supplies, liquidated damages, and anti-profiteering provisions • [Evolution from Pre-GST Era] The text also traces the evolution of key concepts from the pre-GST era, providing a holistic understanding of the shifts in tax law over time • [International Comparative Perspective] A dedicated chapter explores how construction contracts are treated under international VAT/GST regimes, providing valuable global insights • [Case Studies] Several chapters feature real-life case studies, helping readers practically understand whether specific contracts would qualify as works contracts under GST • [Legal Precedents] The book discusses the legal position on liquidated damages in the context of GST, with updated references to international legal frameworks, particularly in the European Union and the UK • [Practical Strategies] It provides practical strategies for structuring construction and EPC contracts, as well as best practices for managing tax controversies • [Inclusion of Appendices] The book contains detailed appendices that include relevant notifications and circulars to aid in compliance and practical application of GST laws The structure of the book is as follows: • Chapter 1 – Introduction to the Scheme of GST • Chapter 5 – What is Immovable Property in Works Contracts? • Chapter 17 – Liquidated Damages Under Works Contracts & GST Implications • Chapter 22 to 27 – Works Contract Implications in Various Sectors (Oil & Gas, Real Estate, Roads/Highways, Ports, Thermal and Solar Power) • Chapter 31 – Structuring Various Types of Works Contracts Under GST • Chapter 33 – Best Practices for Managing Tax Controversies • Annexures – CGST rate schedules, Maharashtra GST Act, explanatory notes on service classification

Taxmann's GST on Works Contract & Other Construction/EPC Contracts – Covering a broad spectrum of various sector-wise works contracts with detailed analysis, practical case studies, etc

Taxmann's GST on Works Contract & Other Construction/EPC Contracts – Covering a broad spectrum of various sector-wise works contracts with detailed analysis, practical case studies, etc
Author: Sudipta Bhattacharjee
Publisher: Taxmann Publications Private Limited
Total Pages: 19
Release: 2023-05-10
Genre: Law
ISBN: 9357782672
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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: o Oil & Gas Sector o Real Estate Sector o Road/Highway Projects o Ports o Thermal and Solar Power Generation o Large Manufacturing Plants o Large Urban Water Supply Projects • [Guidance on Available Legal Arguments] on critical areas of dispute such as: o What can qualify as immovable property? o Input Tax Credit related aspects as applicable to 'works contracts' o Impact on Advances/Security Deposits o 'Free of Cost' Supplies o Transitional Issues o Anti-profiteering • [Detailed Analysis] on the following topics: o Analysis on the applicability of GST on liquidated damages with detailed reference to the updated legal position in the European Union/United Kingdom o Practical Strategies vis-à-vis structuring various types of Construction/EPC Contracts o 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

Tax Prosecution

Tax Prosecution
Author: Gagan Kumar
Publisher: Bloomsbury Publishing
Total Pages: 500
Release: 2021-09-20
Genre: Law
ISBN: 9354350437
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About the Book This book is an easy reference and how to do guide for handling prosecution matters under the Income-tax Act, 1961 and GST Laws. This book would be of immense help to Chartered Accountants and other tax practitioners who generally do not practice before the trial courts. It covers the journey of prosecution provisions and how it evolved over a period of time. Testimonials “This is very timely and much needed guidance for practitioners, in-house counsels and students alike. Gagan does a great job in tracing the legislative history, judicial precedents and applicable statutes in relation to tax prosecution in a lucid manner.” Abhishek Chawla Tax Director- Xerox Corp, USA “To write about a complicated subject like prosecution under income tax law, that too in a clear, lucid and authoritative manner, in itself is an achievement. It is indeed heartening to see the seamless manner in which this complex web of Criminal Procedure Code and Income-tax Act, 1961 has been emancipated by the author.” Sunil Gupta Ex-IRS & Joint Secretary (TPL) CBDT, Ministry of Finance, New Delhi “The book demystifies in clear simple language a complex piece of domestic legislation all ably put in spotlight.” Girish Punwani Direct Tax (GM), Maruti Suzuki Inida Limited.

Regulatory Quality in Europe

Regulatory Quality in Europe
Author: Claudio M. Radaelli
Publisher: Manchester University Press
Total Pages: 276
Release: 2007-07-15
Genre: Law
ISBN: 9780719074042
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The European Union and its member states are investing in ambitious programmes for 'better regulation' and targets of regulatory quality. This book lifts the veil of excessively optimistic propositions covering the whole better regulation agenda. It provides an innovative conceptual framework to handle the political complexity of regulatory governance. It approaches better regulation as an emerging public policy, with its own political context, actors, problems, rules of interaction, instruments, activities and impacts.

A Practical Guide to Search and Seizure under Income Tax Act

A Practical Guide to Search and Seizure under Income Tax Act
Author: Gagan Kumar
Publisher: Bloomsbury Publishing
Total Pages: 528
Release: 2021-03-15
Genre: Business & Economics
ISBN: 9390252709
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About the Book This book is an easy reference and a what to do guide to deal with real-life search cases under the Income-tax Act, 1961. The book covers the journey from the issuance of search authorization until the tax collection after the assessment of search cases. It would be extremely useful for Chartered Accountants, Tax Lawyers, Common Man and Tax Officers alike. Key features It serves as a ready reckoner explaining complex provisions of Search and Seizure in a lucid manner. It gives pointed answers to common questions. Answers are supported with relevant case laws. Offers practical solutions to complex situations. Step by step guide to deal with search and surveys.

United Nations Handbook on Selected Issues for Taxation of the Extractive Industries by Developing Countries

United Nations Handbook on Selected Issues for Taxation of the Extractive Industries by Developing Countries
Author: United Nations Publications
Publisher:
Total Pages: 0
Release: 2019-04-17
Genre: Business & Economics
ISBN: 9789211591231
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The Handbook highlights the issues developing countries should bear in mind when negotiating new contracts for the exploration and exploitation of natural and mineral resources within their territories. It covers the following topics: tax treaty issues; permanent establishment issues; indirect transfer of assets; transfer pricing issues; tax treatment of decommissioning; the government's fiscal take; tax aspects of negotiation and renegotiation of contracts; and value added taxation issues.

Loophole Games

Loophole Games
Author: Smarak Swain
Publisher:
Total Pages: 340
Release: 2020-05
Genre: Fiction
ISBN: 9789389859294
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This book reveals loopholes available within ambit of law, used by corporate in legal ways to avoid paying taxes. All abusive tax avoidance structures have been brought together here in a single book. There are infinite clandestine ways of indulging in tax evasion. But tax avoidance has to happen within the constraints of accounting principles and law. Tax avoidance preys on loopholes available within the ambit of law. Hence, the number of techniques at the disposal of an accountant for avoiding taxes is limited (while techniques for Evading tax are infinite). in this book, author has discussed key rulings of Indian as well as foreign Courts and brought out the modus operandi discussed in major Court rulings. He has also discussed The modus operandi of organized syndicates that facilitate tax evasion. Organized syndicates such as the stock market syndicates, shell company syndicates and hawaladar networks often facilitate in laundering of black money and their infusion into formal accounts. Business managers and forensic auditors should be aware of how these syndicates perform, so that they can raise red flags on detecting accommodation entries made in accounts on behest of the syndicates. It will help the forensic auditor in looking for trouble areas in accounts of a business concern. Based on true stories on: - Profit shifting - base erosion - sham transactions - tax havens - Money laundering.