"Conclusion:
In the light of above challenges, it
appears that there is a dire need of action in terms of
resolving some accounting issues
being faced by the members/industry. For instance, clarity is required on supply
and to bring out a clear distinction between ‘sale’ and ‘supply’ for the
purpose of recording revenue. Further,
to address the accounting concerns, which includes but is not limited to
matters discussed above, Schedule III of the Companies Act, 2013 needs to be
amended."
And, Challenges cautioned against are limited to the sphere of 'accounting issues'. However, if critically examined, the very concept of 'deemed works contract', given a statutory effect, in one's conviction, deserves / merits to be taken on / meted out on strong grounds but has remained to be challenged / vigorously pursued by invoking constitutional principles.
As quickly read but readily understood, the sum-up in the
concluding paragraph mainly pertains to the levy of GST on 'deemed works
contract', being one of the areas discussed having regard to the two clearly
distinct legal concepts of 'SALE' and 'SERVICE'.
And, Challenges cautioned against are limited to the sphere of 'accounting issues'. However, if critically examined, the very concept of 'deemed works contract', given a statutory effect, in one's conviction, deserves / merits to be taken on / meted out on strong grounds but has remained to be challenged / vigorously pursued by invoking constitutional principles.
In one's long lasting conviction, the challenges alluded to are of such a sweeping magnitude / enormity, as not to be unreasonably /impudently expected to be satisfactorily sorted out and resolved, anytime in the foreseeable future; for that matter even in the long run. For reasoning, suggest to, if so care and mind, consider the thoughts and viewpoints shared, lastly @ https://www.facebook.com/swaminathanv3/posts/1677347595674853
FOOT Note: For MORE Search for previous Blogs, Topic- "Deemed (construction) Works Contract"
A Very Nice Article over GST on deemed works contract. You should Read About Deemed Sales under GST
ReplyDeleteif don't mind, suggest to go through all blogs, etc., critically analyzing why, by any thinking, 'deeming' is a highly objectionable - as offending / doing violence to, nay unscrupulously butchering the not-so-commonly known or accepted principle of 'constitutional morality'!
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