The GST regime will facilitate ease of doing business, but the government has to ensure that there is no adversarial impact on the infrastructure sector during the rollout, says PRATIK JAIN.
Author: admin (Infratructure Today)
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Clearing the Tax Clutter
India has a unique indirect tax landscape for the infrastructure sector. While the sector enjoys a plethora of concessions and exemptions, the very nature of the contracting structure is troubled with a large amount of complexities, more so on the EPC contracting side.
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Most complex tax regime by far
The macroeconomic aspects of GST haven´t been taken into account. If the government says that it will collect more revenue, then that means that prices will have to rise because it´s an indirect tax. If prices rise, then industrial output would tend to stagnate or decline.
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GST may be disruptive for the next two-three years for certain sectors
In general, our view is that GST is going to bring in a lot of efficiencies as far as logistics goes and logistics also has a direct bearing on the cost of some of these raw materials which are going to be core to the development of any infrastructure project.
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Project costs may increase owing to GST credit restrictions in many sectors
The Model GST Law specifically treats a ´works contract´ (including any transfer of property in goods in the execution of such contract) as a ´service´. However, determining the nature of a particular agreement, or a set of agreements, for a project (i.e., whether it qualifies as a works contract or not) would still be critical from the perspective of the place of supply, the taxable value, the applicable rate of tax and the compliances to be undertaken given the peculiar and varied nature of arrangements in the infrastructure sector, involving multiple scopes of work and multiple participants (consortium) for either a full project or for parts of a single project.
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Durable Beauty
BASF, one of the world´s largest chemical producers, headquartered in Ludwigshafen, Germany, decided to build a manufacturing unit in Chennai for making catalytic converters used in automobiles. Aswathanarayana & Eswara LLP, a 50-year old Architect and Consulting firm in Chennai, was considered as an architect and consultant for the project.
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Tips for Buying Best Backhoe Loader in India
While buying a backhoe loader, you need to pay attention to various points. Here are those tips to help you buy the best backhoe loader and to provide you with the details on how Mahindra EarthMaster is the best option.
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Growth Stimulus Treatment (GST)
That our country´s GDP growth rate is going to get a bump-up if the Goods and Services Tax was to be implemented, is a consensus among many experts, as well as the industry bodies, although they may differ regarding the extent of push GST is likely to give our economy, with the quantum suggested varying from 1-3 per cent of incremental increase in growth
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FM announces administrative mechanism for GST
For annual turnover above Rs.1.5 crore, the taxpayers will be cross-examined either by the Central or state authorities on the basis of risk assessment.
The Centre will continue to assess the existing service tax assessees, till state officers are trained for the same.
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Indiabulls raises Rs.1,330 crore via masala bonds
Indiabulls Housing Finance Ltd (IBHFL) has said that it has raised Rs.1,330 crore by issuing its first masala bonds to overseas investors. The three-year tenure rupee-denominated bonds were listed on the Singapore Exchange (SGX) and attracted close to 70 per cent participation from investors in Asia, a company statement said.