Society under gst
What does GST deals with?
Article 366(1.
- A) of the Constitution as amended by 101st Constitutional Amendment Act, 2016 defines the Goods and Services tax (GST) as a tax on supply of goods or services or both, except supply of alcoholic liquor for human consumption
- Article 366(1.
- A) of the Constitution as amended by 101st Constitutional Amendment Act, 2016 defines the Goods and Services tax (GST) as a tax on supply of goods or services or both, except supply of alcoholic liquor for human consumption
- GST is a multi-stage tax system that is comprehensive in nature and applied to the sale of goods and services.
The main aim of this taxation system is to curb the cascading effect of other Indirect taxes, and it is applicable throughout India.
Co-operative Housing Societies are entities registered under the co-op- erative laws of the respective States. According to Section 2(16) of the Maharashtra Co-
Do Cooperative Societies need to be registered under GST?
When the aggregate turnover of a Cooperative Societies in a financial year exceeds twenty lakh rupees, such Cooperative Societies become liable for Registration under GST as per Sec 22
(1) of CGST Act
That means the collection of money maintenance charges by society exceeds Rs 20 Lakhs per annum then the Society need to be Registered under GST
Does a housing society need to register under GST?
The activities of the housing society would thus attract the levy of GST and the housing society would be required to register and comply with the GST Law
If the turnover of housing society is above 20 lakhs, it needs to take registration under GST in terms of Section 22 of the CGST Act, 2017
Who pays GST (Goods and Services Tax)?
According to Section 9 of the CGST Act, GST (Goods and Services Tax) is imposed on the supply of goods and services within a state, subject to the provisions and regulations specified
The taxable person, who is liable to be registered or already registered under the GST law, is responsible for paying this tax
When the aggregate turnover of a Cooperative Societies in a financial year exceeds twenty lakh rupees, such Cooperative Societies become liable for Registration under GST as per Sec 22.(1) of CGST Act. That means the collection of money maintenance charges by society exceeds Rs 20 Lakhs per annum then the Society need to be Registered under GST.If the society’s monthly maintenance bill is more than Rs 7500 per house, 18% GST is applicable on the entire amount. If a person owns more than one residence in a society, then a ‘separate’ ceiling of Rs 7500 is considered as the second unit also gets an individual exemption of Rs 7500.GST payable only if aggregate turnover exceeds Rs 20 Lakhs: If a person owns more than one residence in a society, then a ‘separate’ ceiling of Rs 7500 is considered as the second unit also gets an individual exemption of Rs 7500. There is an exemption if the annual aggregate turnover of the housing society is not over Rs 20 lakh.
Political controversy over tax revenue in Australia
The GST distribution dispute is an ongoing political controversy concerning the distribution of goods and services tax (GST) revenue amongst the Australian states and territories and the federal government.
The dispute was originally based upon Western Australia's (WA) dissatisfaction with its low returns, which led to reform in 2018.
The 2018 reform guarantees all states and territories a minimum return on their contribution.
