Q:No the said exemption is only for residential RWA societies, for commercial it is applicable from INR 1, if the association is having aggregate turnover above 20 L per annual as per GST law.Regarding second query if the association is working as pure agent , where actual liability is of the unit not society, than not applicable however in you case connection is in the name of society and same is collected on actual consumption basis GST shall be levied. The commercial unit can claim the same as input if they are registered. ?
Latest Answer: According to the Schedule 2 of the GST Act, renting out of an immovable property would be treated as a supply of services. GST, however, will be applicable only on certain types of rent such as a) When a property is given out on lease, rent, easement, or licensed to occupy, b) When any property is leased out (or let out) including a commercial, industrial, or residential property for business (either partly or wholly). These type of renting are considered as a supply of services. Service tax was set at 15% of the rent for commercial properties.
Q:Being a Constitutional amendment, the GST Bill has to be approved by 2/3 majority in both Houses and half of the state assemblies. Lok Sabha has already passed the Bill.
Latest Answer: For the time being, government is busy in back channel negotiations with Congress to get its support. Once Congress chief Sonia Gandhi is back from the US, there will be more clarity on the main opposition's stand.
Q:Finance Minister Arun Jaitley and his team are ready to ensure that the centre is fully prepared to meet the April 1, 2016 time line to implement the GST.
Latest Answer: Good Morning All !!!!!
Yes, it seems to me that if this kind of obstructionism by the Congress party remains, GST may miss the April 1st, 2016 deadline. As Congress's announcement on Tuesday opposing a special session of Parliament for the passing of the GST Constitutional Amendment Bill. Almost all the party has given their grant , so it is only a matter of time before it is passed.
Q:Do you think that budget reforms can boost the realty market? What are the initiative that government should take? Your opinion is highly appreciable.
Latest Answer: Hi Everybody,
Let's finger crossed and hope for the best for all sector. Primarily, the Budget will see the government's important projects, including the Smart Cities project, getting much support, including upcoming special economic zones to see reduced alternate tax and dividend distribution taxes. The government may also rationalize duties and set the differential MAT rate at (5-10)%. The government is also expected to give incentives to banks that are losing money over zero-account bank schemes.