Latest Answer: Yes, a few CHSs can form an association for mutual benefits in cost sharing. Mutual concerns are not taxable under income tax as the concept of mutuality is exempted from its purview. The principle of mutuality is applicable to mutual benefit funds, wherein the contributors are not expected to gains profits as the income received by them are almost synonymous with their contribution and any amount that is received from oneself is not regarded as an income.
Latest Answer: 2 No RCM on purchases There wont be any RCM on input Purchases Section 94 CGST And 54 IGST from unregistered dealers so no more GST liability on RCM till March 2018
3 No Requirement to pay GST at the time of receipt of advances if taxpayer having annual turnover below 15 crore
All these amendments will provide relief to the small tax payers and the CHSRWA in following the GST compliance requirement
