Works contract GST adjustment: revised method to calculate GST-inclusive balance work value and adjust contractor payments. Where tenders were invited under pre-GST SoR-2014 but work paid after 30 June 2017, determine item-wise balance quantities and original values, compute revised item values using Revised SoR-2014 (removing embedded pre GST taxes where necessary), apply the tender premium/discount proportionately, add the applicable GST rate to obtain the GST-inclusive balance work value, document calculations in the prescribed annexure, execute a supplementary agreement reflecting the revised GST-inclusive value, and reimburse or recover any differential between revised and original balance values; procedure applies to all contract modes and F2 contracts require item-wise adjustments.
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Works contract GST adjustment: revised method to calculate GST-inclusive balance work value and adjust contractor payments.
Where tenders were invited under pre-GST SoR-2014 but work paid after 30 June 2017, determine item-wise balance quantities and original values, compute revised item values using Revised SoR-2014 (removing embedded pre GST taxes where necessary), apply the tender premium/discount proportionately, add the applicable GST rate to obtain the GST-inclusive balance work value, document calculations in the prescribed annexure, execute a supplementary agreement reflecting the revised GST-inclusive value, and reimburse or recover any differential between revised and original balance values; procedure applies to all contract modes and F2 contracts require item-wise adjustments.
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