The meeting was attended by a number of delegates from industries and chambers of commerce from in and around Bhopal.
All states will implement GST by July 2017. The Constitution Amendment Bill for Goods and Services Tax has been approved by the President of India post its approval in Parliament (Rajya Sabha on 3 August 2016 and Lok Sabha on 8 August 2016) and ratification by more than 50 per cent of state legislatures.
IndiaÂ´s ambitious infrastructure development plans hinge largely upon a successful transition from the current multiple taxes regime to the new uniform taxation code of the Goods and Services Tax (GST). Is the industry ready to meet the April 1, 2017 deadline? We do a status check...
The Model GST Law specifically treats a Â´works contractÂ´ (including any transfer of property in goods in the execution of such contract) as a Â´serviceÂ´. 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.
Let me clarify that the term Â´Smart CityÂ´ does not denote scale. We can have small Smart Cities and large Smart Cities, both successful. The Mass Rapid Transport System or MRTS is really meant for large cities which have the population and economic density to sustain such expensive infrastructure