BACKGROUND
Sub-Group on Infrastructure for 12th Five year plan (2012-17) has estimated US$ 1 trillion (approx) investments requirement for infrastructure sector over the next five year to sustain and boost the current GDP. 5th Annual EPC Contracting Conference Summit 2013
As the government is getting aggressive on reforms, there are more to come. India is capable of high growth and that large infrastructure projects are one of the areas of focus. The negative perception of India caught in policy logjam is changing as political support is increasing credibility of government policies
Among other initiatives, in December 2012, Cabinet Committee on Investment (CCI) has been set up under chairmanship of Prime Minister and comprises members from various ministries to facilitate speedy implementation of large scale projects. CCI has started meeting and is expected to facilitate the project approvals, etc. Almost, all the large projects will involve Engineering, Procurement and Construction (EPC) contracting.
It may be noted that tax is one of the key aspect which needs due attention while contracting EPC projects. It is pertinent to note that, each EPC contract is unique in terms of size, scale, complexity, content of offshore services and supplies, location of performance, etc. Further, each EPC contract involves multiple taxes and levies.
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