All India Chartered Accountants Society & CFO WORLD
Income Tax Expert Study Group

Date

16th June , 2018 (Saturday)

Venue

Royal Room, The Leela Palace, New Delhi, Africa Avenue, Chanakyapuri, Diplomatic Enclave, New Delhi, Delhi 110023

AGENDA
9.30 am to 10:00 am
Tea, Assembly & Informal Networking
10.00 am to 11:30 am
Expert Session: Concept, Analysis and Critical Issues of GST on Works Contract
  • Works Contract- definition, scope and coverage
  • Impact of Composite Supply – Goods and services
  • Impediments in separate contracts for supply of Goods and separate contract for supply of services- impact of overall warranties of performance and commitments in umbrella contract
  • Payment of Security Deposit vis a vis mobilisation advance


GST Presentation- Works Contract
11.30 am to 11:45 am
Tea with Snacks
11.45 am to 2:00 PM
Analysis and Interpretation: Concept, Analysis and Critical Issues of GST on Works Contract (Contd.)

Concept, Analysis and Critical Issues of Section 17 read with Chapter V of CGST Rules

  • Time of supply - billing mandate on different milestones- percentage completion method of accounting as per ICDS/ ICAI Guidance Note vis-a-vis completed contract method Revenue recognition mandated by new IFRS/ Ind AS
  • Cost of Land – can it be contracted separately with a separate contract and registry in favour of the Buyers and separate billing of the Works contract for Building/flats- issues and precautions
  • Taxation aspects of Land developers – selling developed plots
  • Impact of inventory post completion certificate
  • Taxability of Development Rights and its Valuation certificate

Litigation Management
Lunch (2:00 PM to 3:00 PM)

For any queries please write to us at aicas.cfo@gmail.com or +91 9711310004

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