TMI BlogEPC contract for solar power plantX X X X Extracts X X X X X X X X Extracts X X X X ..... There is an option available to pay taxes on 70% of Gross Consideration for materials and 30% of gross consideration on Services @ 18%. Is this facility optional or mandatory?? Notification number 08/2021 Central taxes (Rate) dated 30/09/2021 refers - Reply By Amit Agrawal - The Reply = Subject referred by you, is issued in exercise of the powers conferred by sub-section (1) of section 9 an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d sub-section (5) of section 15 of the Central Goods and Services Tax Act, 2017 (12 of 2017) Relevant explanation from notification referred by you, reads as follows: Explanation:- If the goods specified in this entry are supplied, by a supplier, along with supplies of other goods and services, one of which being a taxable service specified in the entry at S. No. 38 of the Table mention ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed in the notification No. 11/2017-Central Tax (Rate), dated 28th June, 2017 [G.S.R. 690(E)], the value of supply of goods for the purposes of this entry shall be deemed as seventy per cent. of the gross consideration charged for all such supplies, and the remaining thirty per cent. of the gross consideration charged shall be deemed as value of the said taxable service . ] If supplier is f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ulfilling conditions of this explanation and supplying defined goods defined services, then, it is mandatory to follow 'deemed value' for goods (i.e. 70%) services (30%) supplied. P.S. I am presuming the constitutional validity of Section 17(5) read with above referred notification. These are ex facie views of mine and the same should not be construed as professional advice / ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... suggestion. - Reply By Amit Agrawal - The Reply = However, it appears to me that above-said explanation can not seen as 'overruling' the ' Section 7(1A) read with Serial No. 6 (a) of Schedule - II ' or Section 8 of the CGST Act, 2017 . These are ex facie views of mine and the same should not be construed as professional advice / suggestion. - Reply By Shilpi Jai ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n - The Reply = This method of deemed valuation and rate of tax is under challenge in a high court. - EPC contract for solar power plant - Query Started By: - Amutha Balasubramanian Dated:- 1-12-2023 Last Replied Date:- 16-12-2023 Goods and Services Tax - GST - Got 3 Replies - GST - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanag ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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