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Home BUSINESS NEWS FROM AROUND THE WORLD

gst: GST levy on annuity payments of BOT-HAM projects to have limited impact on project cash flows: Icra

by Gias
September 29, 2021
in BUSINESS NEWS FROM AROUND THE WORLD
2 min read
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GST levy on annuity funds of BOT-HAM tasks can have restricted impression on challenge money flows, home score company on Wednesday. “With NHAI reimbursing extra tax burden on account of GST levy on annuity funds for BOT (build-operate-transfer)-HAM (hybrid annuity mannequin) tasks, there can be no impression on the cashflows, challenge debt protection and return metrics of the concessionaire,” Vinay Kumar G, assistant vice-president and sector head (company rankings) of ICRA, mentioned in an announcement.

For tasks bid between July 1, 2017, and October 13, 2017, NHAI wouldn’t reimburse the GST on annuity below the change in regulation as bids have been invited inclusive of GST, it mentioned.

In the course of the interval, HAM tasks with an authorized whole challenge value of Rs 4,329.9 crore have been awarded.

The GST Council, by means of its clarification dated June 17, 2021, and subsequent coverage round issued by the Nationwide Highways Authority of India (NHAI) on September 1, 2021, has made 12 per cent GST relevant on annuity funds for HAM tasks, acquired throughout the operations interval.

To this point, items and providers tax (GST) for BOT-HAM tasks is relevant on the grants acquired from the authority throughout the development interval and the O&M (operation and upkeep) funds acquired throughout the operations interval.

Nonetheless, readability was lacking on the applicability of GST on the annuity funds acquired throughout the operations interval as a consequence of differing interpretations of GST notifications and different appellate rulings, in accordance with the assertion.

“The concessionaires can use the gathered enter tax credit score (ITC) throughout the development interval to set off the GST legal responsibility on annuity funds acquired throughout the operations interval.

“Thus, the impression of GST legal responsibility on annuity was anticipated to be restricted on the challenge return metrics with money outflow in the direction of GST legal responsibility being restricted to the final three-year interval of operations,” the assertion mentioned.

Nonetheless, as per the most recent round issued by NHAI on September 1 this yr, NHAI will reimburse the web impression of extra GST on an annuity (adjusted for ITC) to the concessionaire below the change in regulation for tasks bid on or earlier than June 30, 2017, and between October 14, 2017, and June 16, 2021, it added. PTI SID HRS hrs

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Tags: annuityBOTHAMcashflowsgstIcraImpactlevylimitedpaymentsprojectprojects
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