Goods and Services Tax : Treating all works contracts as services at 18% ignores their composite nature. The key takeaway is that uniform taxation can pena...
Corporate Law : In this piece, the author will discuss the reasoning behind the exclusion of work contracts from the ambit of MSME along with the ...
Goods and Services Tax : Attempting to understand if there is a refund of unutilised ITC on Works Contract for Construction Services under the GST regime? ...
Goods and Services Tax : Stay updated on GST changes effective July 18, 2022, including revised rates for Works Contract Services. Explore amendments to Re...
Income Tax : Understanding Income Tax implications in unregistered Joint Development Agreements (JDA). Explore the tax challenges pre-Finance A...
Goods and Services Tax : We are happy to inform that the Last Workshop in the above series is being organised on the following Themes: Audit, Investigation...
Goods and Services Tax : Karnataka High Court's ruling on Prime Location Charges (PLC) and Floor Rise Charges (FRC) under KVAT Act, their exemption from ta...
Goods and Services Tax : Since the question of whether the transactions in issue constitute works contracts or sales would involve an examination of the co...
Service Tax : CESTAT held that no Service Tax could be levied on construction of residential complexes prior to 01.07.2010 even when service is ...
Service Tax : Ram Sewak Tiwari Vs Commissioner of Customs, Central Excise & Central GST (CESTAT Delhi) The issue in the matter is about the ...
Goods and Services Tax : Works contract for fitting out or implanting of prosthetics into the physiology or the body of the patient for alleviation of pain...
CA Ankit Gulgulia (Jain) The Works contract composition provisions under Delhi VAT shall be significantly revamped w.e.f 1.4.2013. The details of Revised composition model under VAT is as detailed hereunder. Governing Statute for New Model Effectuated vide Notification No. 3(13)/Fin.(Rev-I)/2012-13/dsvi/180 dated 28th February,2013. This notification shall come into force with effect from 1st April 2013.
It is very common practice in the construction or infrastructure related industries that the contract prices agreed between the parties are inclusive of taxes applicable on such construction/maintenance/repair/renovation or related activities. In such circumstances, the service provider can not levy service tax over and above the contract price and is bound to discharge its liability of service tax from the price charged.
Service tax under works contract services has been imposed on the service element involved in the works contracts. It should be noted that unlike VAT laws in various States service tax is applicable only on a fewer kinds of works contract as defined in section 65(105)(zzzza). Works contracts relating to Roads, Airports, railways, transport terminals, bridges, tunnels and dams are outside the purview of service tax.
