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 9^th 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:
  • Oil & Gas Sector
  • Real Estate Sector
  • Road/Highway Projects
  • Ports
  • Thermal and Solar Power Generation
  • Large Manufacturing Plants
  • Large Urban Water Supply Projects
• [Guidance on Available Legal Arguments] on critical areas of dispute 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
• 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