Q:
taking registration today, the liability was there from 1st july, do i need to pay tax from 1st july
Latest Answer: GST (Goods and Service Tax) in India is an Indirect tax in India. As per the GST laws it is necessary to apply for GST registration when a business falls under certain criteria. GST registration can be done easily by the help of Legal Docs experts.
Q:
society committee want to charge gst on maintenance below 5k per month
Latest Answer: it will be illegal
Q:
Can the cost of water being included in the maintenance charges be excluded for charging GST as 5000 per month is exempted.
Latest Answer: no, as being procured by society and reimbursed by residents.
Q:
maintenance is currently managed by Builder.
If the society gets registered before 31st March 2018, will the expenses that were made for the society in FY1718 be applicable for tax credits?
Latest Answer: Yes, the invoices in the name of Society, as registered under GST.
Q:
is the Reverse charge on Housing Society Gone ?
Govt suspended in Oct 2017.
Latest Answer: Hi Nikhil and Ramdas,
Thanks for your detail information. Would I like to know more about Reverse Charge under Service Tax? What is the purpose of this charge?
Q:
FGM - Committee has been selected into the first general meeting, later chariman resigned and most of the committee members have been changed without the GM or information to other members, is it legal.
Committee have changed the members without election
Latest Answer: No comments on above mentioned points. Under the Cooperative Societies Act, a proper procedure has been laid down for conducting elections to appoint a managing committee. Ideally, one must start the election process about two months before the end of the existing managing committees term. The latter needs to put forward a notice of its expiry and invite members to contest the next election.
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:
No sir, if the income is below the threshold limit not required to register and Reverse charge will also not applicable in this case.
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
Q:
HSG society is required to register
if total income exceed the threshold 20L
and
pay GST only
if the monthly maintenance fee exceeds 5000 per flat or any flat having above the threshold.
Also society has to pay the GST on other charges levied on the members and non members.Also society has to pay GST on reverse charge basis for any Goods services supplied by an unregistered person or on specified RCM services i.e. advocate services etc.
Latest Answer: Impact of changes post GST council meeting dated 06 Oct 2017
1 Quarterly Return filling if Society is turnover or annual receipts are less than 15 crore than SocietyRWA is require to file quarterly returns instead of monthly return
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
Q:
Advantage of Registration under GST
GST provided input credit benefit for all the Goods purchased or services availed by the society i.e. Lift AMC, Housekeeping, Security, Fire AMC, Repairs & Maintenance, Contract staff, Accounting & Auditing Services, Software ADDA Portal & other services etc.
For example, if the GST will be charged at the rate of 18% , or at applicable rates Reverse charge , for the services availed or goods purchased for these goods and services, same will be available for input to the society and can claim as refund if no output liability or fall under exemption with minimal compliance cost. Subject to input tax credit apportionment for taxable and exempted services. Earlier there was no credit available for good purchased for the society, under GST society can avail the benefit of input. This will reduce the overall cost to the society.
Latest Answer: But it is a win-win situation for those builders who kept their project on hold. They will have to bear the tax burden for the ready-to-move in projects since they are kept out of GST ambit. At the same time, the government has told developers to pass on any benefits that they may get under the new tax system to the home buyers.
Q:
GST on Under Construction building only
the completed flat is outside the GST.
Latest Answer: Hi friends,
Apart from that, Stamp duty and registration charges are outside the ambit of GST now because these are state levies while property tax is a municipal levy.
Q:
Housing Societies and the current indirect tax structure
Currently, the housing societies are covered under the provision of Service Tax Act.
Latest Answer: Impact of changes post GST council meeting dated 06 Oct 2017
1 Quarterly Return filling if Society is turnover or annual receipts are less than 15 crore than SocietyRWA is require to file quarterly returns instead of monthly return
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
