Gst on ongoing contracts

21 Mar 2018 The sale of a business may be GST exempt. will usually specify that the business (that is, the “supply”) is a going concern when the contracts are exchanged. It can also include arrangements such as ongoing advertising.

Clarification/ Guidelines for Pre-GST and Post-GST Contracts. Subject: Clarification/ Guidelines regarding issues pertaining to Contracts awarded by the State Government Departments/ local authorities/ statutory bodies/ PSUs under Government of West Bengal due to the introduction of GST i.e. 1st July 2017. GST: Impact of New Taxation Structure on Works Contract. According to the previous provisions, a works contract is a combination of transfer of goods and services. While under GST regime, the service tax is applicable for work contract only on service part. Under GST, in terms of Schedule II of GST ACT, works contract including transfer of property in goods (whether as goods or in some other form) involved in the execution of a works contract; is a service. Construction contracts typically have a long gestation period, and as a result, construction of roads, bridges and, highways may be regarded as a continuous supply of service. Invoicing for such continuous supplies needs to be done as per the provisions of section 31(5) of the CGST Act, 2017. There are three GST rates Civil works contract depending upon nature of works contract. Those are 5%,12 % &18 %. The provisions relating to works contract services are elaborately discussed in blogs post of SKM Advisory the changes in Works Contract, its practical issues and challenges in during implementation and also post implementation. Works Contract under Pre-GST: - Works contracts consists of three kinds of taxable activities as per the current law. - It involves supply of goods as well as supply of services. Sale of a business as a going concern – supporting information. Here's a list of the documents and information we usually need to process a private ruling request or objection about the GST consequences when a business is sold as a going concern.

One important aspect under GST would be to deal with transitional provisions especially in relation to ongoing contracts which have been entered into pre GST  

15 Sep 2017 This had resulted in representations from contractors of ongoing on works contracts for Government work was deliberated in the GST Council. GST Impact on ongoing Construction Works contracts with Different Govt. Department And Pvt Company (For Civil Contractors) Specific transition provision has been stipulated vide Section 159 and 160 for works contract/ periodic supplies as under: Section 159, Under the new tax regime, GST (comprising CGST, SGST and IGST) on works contracts for Government work was intially notified at 18 percent. This had resulted in representations from contractors of ongoing works for compensation by procuring entity for increased tax liability over and above the contracted value of work. India is on behest of implementing Goods and Service Tax (GST) which is said to be biggest tax reform since Independence. One important aspect under GST would be to deal with transitional provisions especially in relation to ongoing contracts which have been entered into pre GST but not completed at the time Clarification/ Guidelines for Pre-GST and Post-GST Contracts. Subject: Clarification/ Guidelines regarding issues pertaining to Contracts awarded by the State Government Departments/ local authorities/ statutory bodies/ PSUs under Government of West Bengal due to the introduction of GST i.e. 1st July 2017.

28 Apr 2018 This had resulted in representations from contractors of ongoing works for compensation by procuring entity for increased tax liability over and 

The good news for the on-going contracts is that under the light of the GST switch -over, the parties to the contract can revisit their tax clauses and make best use  19 Jul 2017 importance uploading various GST returns within due date. The ongoing contracts/ agreements with existing contractors for the tenure  15 Sep 2017 This had resulted in representations from contractors of ongoing on works contracts for Government work was deliberated in the GST Council. GST Impact on ongoing Construction Works contracts with Different Govt. Department And Pvt Company (For Civil Contractors) Specific transition provision has been stipulated vide Section 159 and 160 for works contract/ periodic supplies as under: Section 159, Under the new tax regime, GST (comprising CGST, SGST and IGST) on works contracts for Government work was intially notified at 18 percent. This had resulted in representations from contractors of ongoing works for compensation by procuring entity for increased tax liability over and above the contracted value of work. India is on behest of implementing Goods and Service Tax (GST) which is said to be biggest tax reform since Independence. One important aspect under GST would be to deal with transitional provisions especially in relation to ongoing contracts which have been entered into pre GST but not completed at the time Clarification/ Guidelines for Pre-GST and Post-GST Contracts. Subject: Clarification/ Guidelines regarding issues pertaining to Contracts awarded by the State Government Departments/ local authorities/ statutory bodies/ PSUs under Government of West Bengal due to the introduction of GST i.e. 1st July 2017.

17 results GST FAQs - Answer to all GST related queries such as what is GST, GST A contract for providing security on 24 X 7 basis is continuous supply of 

15 Sep 2017 This had resulted in representations from contractors of ongoing on works contracts for Government work was deliberated in the GST Council. GST Impact on ongoing Construction Works contracts with Different Govt. Department And Pvt Company (For Civil Contractors) Specific transition provision has been stipulated vide Section 159 and 160 for works contract/ periodic supplies as under: Section 159, Under the new tax regime, GST (comprising CGST, SGST and IGST) on works contracts for Government work was intially notified at 18 percent. This had resulted in representations from contractors of ongoing works for compensation by procuring entity for increased tax liability over and above the contracted value of work.

India is on behest of implementing Goods and Service Tax (GST) which is said to be biggest tax reform since Independence. One important aspect under GST would be to deal with transitional provisions especially in relation to ongoing contracts which have been entered into pre GST but not completed at the time of GST introduction.

Under GST, in terms of Schedule II of GST ACT, works contract including transfer of property in goods (whether as goods or in some other form) involved in the execution of a works contract; is a service. Construction contracts typically have a long gestation period, and as a result, construction of roads, bridges and, highways may be regarded as a continuous supply of service. Invoicing for such continuous supplies needs to be done as per the provisions of section 31(5) of the CGST Act, 2017. There are three GST rates Civil works contract depending upon nature of works contract. Those are 5%,12 % &18 %. The provisions relating to works contract services are elaborately discussed in blogs post of SKM Advisory the changes in Works Contract, its practical issues and challenges in during implementation and also post implementation. Works Contract under Pre-GST: - Works contracts consists of three kinds of taxable activities as per the current law. - It involves supply of goods as well as supply of services. Sale of a business as a going concern – supporting information. Here's a list of the documents and information we usually need to process a private ruling request or objection about the GST consequences when a business is sold as a going concern.

16 Aug 2017 under GST e.g. hiring of Manpower Services, works contract services etc. Reply: On ongoing contracts, to the extent service tax was payable  22 Jun 2018 Essar uses these industrial gases to manufacture steel at its plant on a continuous basis. • In this respect, the Dhruva Alert for GST ADVANCE RULINGS – 7th Edition hence, it is a works contract liable to GST as a service.