Under GST Regime, 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.
Composition Scheme is not Available.
Composition scheme is not available to works
contractors as it is treated as service under GST. Composition scheme is only
available to suppliers of goods. This will be a big blow to the small
sub-contractors who cannot opt for composition scheme. They will be forced to
register for normal taxation scheme increasing their compliance's and costs.
GST Rates?
Refer recent notification 20/2017-Central Tax (Rate) ,dt. 22-08-2017
ITC credit on Works Contract?
ITC credit in case of works contract is one of the things which is still
not completely resolved under GST regime. As per section 17(5), the input tax
credit on works contract services when supplied for construction of an
immovable property (other than plant and machinery) is not available except
where it is an input service for further supply of works contract service. In
other words, the services availed by the works contractor from sub works
contractor is allowed as input tax credit. However, it is easier said than
done, because ITC rules on works contract is still not clear and department clarification
is much needed in this regard.
For Simple Secure GST Compliance contact us at: info@preethamandco.com or Call us at 9900397777
For Simple Secure GST Compliance contact us at: info@preethamandco.com or Call us at 9900397777
Great share!
ReplyDeleteLoved all that you shared, and you are right, one cannot deny the power of Google. I simply love it and am part of a number of
communities too. The point you mention in your post sand blasting machine manufacturer in India that are very useful for me. I understand the way of the attractive to the customer with the products.
Keep it works and share with us your latest information. For more Information or any help then visit now at Sand Blasting Machine, Shot Blasting Machine, Sand Blasting Machine for Sale, Sand Blasting Machine Manufacturer, and Small Sand Blasting Machine.
They are similar to small communities that you own - check them out if you haven't already.It's all got a lot better than before!t.
Thanks for sharing. Have a nice week ahead.
Visit at : www.blaster.co.in
Also Check
Portable Sand Blasting Machine
Portable Shot Blasting Machine
Shot Blasting Machine
Portable Grit Blasting Machine
Grit Blasting Machine
Regards,
Purnima Sharma.
This comment has been removed by a blog administrator.
ReplyDelete