New GST Rate for Estimate and Works Contract

Works contract means a service contract involving supply of goods to execute the contract. They are a mixture of service and transfer of goods. Thus, they are covered under the GST law. The video covers the applicability of GST on works contract in detail.

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Timestamps:

00:00 Introduction
00:37 Works contract under pre-GST
01:29 Works contract under GST
02:47 Input Tax Credit on works contract
03:48 GST rate on works contract
04:26 Composition Scheme to works contractors
04:42 Conclusion

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