Скачать или смотреть GST work contract | Work Contract in GST | GST में Work contract के बारे में जाने कुछ जरुरी बाते

GST work contract | Work Contract in GST |
works contract will be treated as service and tax would be charged accordingly (not as goods or part goods/part services).
This treatment of works contract as service and not as supply of goods will bring in much needed clarification to the works contracts. Under the current regime, different states have different schemes for VAT. There are different composition schemes with different VAT rates. Service tax too is complex with 60% abatement on new works and 30% abatement on repair contracts. GST will solve such with a much simpler straightforward calculation

Input Tax Credit is NOT available
works contracts services when supplied for construction of immovable property, other than plant and machinery, except where it is an input service for further supply of works contract service

goods or services received by a taxable person for construction of an immovable property on his own account, other than plant and machinery, even when used in course or furtherance of business.

Composition Scheme is not Available

the definition does not provide for any generic definition but only includes 12 types of contract as works contract, which are as follows:

building
construction,
fabrication,
erection,
installation,
fitting out,
improvement,
modification,
repair,
renovation or
commissioning of any movable or immovable property

Follow us on Facebook :   / charteredwisdom  

Email : [email protected]