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Pot applications for construction contracts

ANAND GIRIDHARI CHANDAK (Practice) (203 Points)

23 May 2015

Construction service carried over the period of time and payment received on slab basis. Where sales deed or agreement to sales will be on completion of flat that is in future. For such Construction contract how POT will be work out, can you please explain in brief?

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One Of A Kind (CA Final & CS Professional Student) (187 Points)
Replied 23 May 2015

For Construction work date of completion of each event for which a separate completion certificate is received, will be treated as a different service and a continuous service. So POT will be as per rule 3 i.e. 1) if the invoice is raised within 30 days of completion then POT will be date of invoice or date of payment whichever is earlier else POT will be date of completion or date of payment whichever is earlier.