Goods and Services Tax – Started By: – ajit tiwary – Dated:- 24-2-2018 Last Replied Date:- 9-9-2018 – Dear Sir,my client is a road contractor and the gst rate applicable @12% but those projects which has been started before 01/07/2017 and still work in progress. the old agreement related to cost has not been revised by the state government after implementation of gst. when we produce bill for payment the department determine it inclusive of gst. i can illustrate it as follow:Suppose overall contract price= 150pre-gstBill produce= ₹ 100Vat Deducted=Rs. 4( Vat @4%)Balance receive= 96 (assuming that tds has been deducted)post gstBill produce= ₹ 50 (as per department it is inclusive of gst)our turnover i.e net of tax (50/112*100=44
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taining such particulars as may be prescribed, within thirty days of such price revision and for the purposes of this Act such supplementary invoice or debit note shall be deemed to have been issued in respect of an outward supply made under this Act; (b) where, in pursuance of a contract entered into prior to the appointed day, the price of any goods or services or both is revised downwards on or after the appointed day, the registered person who had removed or provided such goods or services or both may issue to the recipient a credit note, containing such particulars as may be prescribed, within thirty days of such price revision and for the purposes of this Act such credit note shall be deemed to have been issued in respect of an outwar
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replyin case of input tax credit my opinion is that in case of government contract the owner of the property will be the state government and the agency i.e Road construction Division is a main contractor and the main contractor is appointing us as a contractor(i.e sub contract), secondlyif the purchase of goods and services by the contractor to make the road project and handed over the project to the road construction division, we can take the credit as for furtherance of business by the road contractor.kindly reply methanks – Reply By KASTURI SETHI – The Reply = How can you call yourself sub-contractor ? In my view, you are main contractor and hence not eligible for ITC. Agree with Sh.Alkesh Jani Ji. Govt. department acts for and on beha
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