GST Practitioner And Tax Consultant

08/03/2019

Any Gst and other business solutions required, call me, we provide solutions within minimum time
Ranganatha HR
Gst practitioner
Challakere and chitradurga
8970657211

08/03/2019

Any GST and other business solutions required, call me, we provide solutions within minimum time
Ranganatha HR
Gst practitioner
Challakere
8970657211

02/02/2019

19/12/2018

आओ GST सीखें:

*A brief note on Applicability of GST on housing societies*

GST is applicable to the societies as the society is offering services to its members in respect of collection of common charges and payment to contractors/ different agencies.

Society is already included in definition of person and therefore falls within the ambit of GST. Now the question arises which are the types of charges levied which are taxable and which are not covered under GST and also which are the societies which will come in ambit of GST and which will be exempt.

*First condition to fall in ambit of GST is the aggregate turnover should be more than 20 lacs in previous year. What would be included in aggregate turnover:*

In case of society the taxable sales would include all contribution from members i.e. Service charges, Water charges, NOC, Interest charged to members , property taxes. Etc. Exempt sales in case of co-operative society would include interest received from banks and fixed deposits.

👉Since property taxes comply with the conditions specified in relation to pure agent the Property taxes are to be excluded from value of supply . Thus it is not to be considered for the purpose of limit of 20 lacs aggregate turnover.

👉In addition in the FAQ of GST website they have specified that GST is not attracted on Water charges, Electricity charges and NA tax collection .

*To sum up the aggregate turnover includes the following :-*

,👉Maintenance charges by whatever name called i.e. service charges, water charges, electricity chargers etc.

👉Sinking Fund

👉Repairs and Maintenance fund

👉Major Repairs fund.

👉NOC

👉Parking charges

Interest charged to members

👉Interest on FD's (though it is exempt supply on which GST is not be levied)

👉Rental income from towers, hall rentals etc.

,👉Other miscellaneous collection from members

👉Transfer fees and share transfer premium

👉Any other sum levied by the society to its members by whatever name called.

👉Also if the sum total of above exceeds 20 lacs the first condition is satisfied and society will fall in the ambit of GST.

👉This limit of Rs 5000/- per month is now enhanced to Rs 7500 per month w.e.f February 2018. The clause C which is specifically applicable to housing societies clearly states sourcing of goods and services from a third person for the common use of its members in housing society. If this is the activity / business carried on by the society than those members who are contributing less than Rs 7500/- per member per month will be out of GST.

👉The first sentence of the said notification reads it should be service by a non profit entity. (Housing society satisfies this condition) to its own members by way of reimbursement of charges (say property taxes) or share of contribution (say all other maintenance charges).

👉Considering this definition it will be very difficult for following types of income to fall within the ambit of share of contribution for sourcing of goods or service from third person for the common use of its members:

1) Share transfer premium

2) Non occupancy charges

3) Charges towards rental of any Ground or hall for events.

👉Thus above amounts are not to be included for counting the limit of Rs 7500/- per month per member. In other words if the first condition of 20 lacs aggregate turnover is satisfied but all the members are paying less than 7500 per month ( excluding municipal tax) than also on the above types of receipts the society will have to levy GST.

👉Also the point to be noted is the benefit of this notification is only for residential societies. In other words in case of commercial societies; if the first condition of aggregate turnover of 20 lacs is satisfied GST is applicable irrespective of whether the collection from members is less than 7500 per month. The same would apply to shops in a residential society. Thus in case a residential society has 100 members and only 2 shops and the collection from all residential members is less than 7500 per month the society may have to do the GST compliances only for the two shops if its turnover is more than 20 lacs.

👉Once the registration will come it will be required to start charging GST on applicable services @ 18 % in case of members and rental of property like tower income etc. It can in turn claim input set off of GST on the purchases and input services it will consume.

👉The GST payable will be the net amount after setting off . Also to claim input set off there are certain conditions to he complied with including the fact that the tax invoice cannot remain outstanding for more than 6 months.

*Periodic compliances by society in respect of GST:*

1) The society will have to file the three monthly returns of GST;

a) Return in respect of sales called GSTR-1

b) Return in respect of purchases called GSTR2-A ( which will auto populated but will need a reconciliation of input tax credit)

c) GST return for net liability payable i.e. GSTR -3B which needs to be filed with liability for payment if any.

👉In addition the society will have to file an annual return called GSTR-9 which needs to be filed by the end of 31st December of next yr. i.e. for 2017-18 by 31st December 2018. Which has now been extended to 31st March 2019.The above monthly returns have to be filed between 10th and 20th of the following months.

👉The societies do not have the option to go under composition scheme under GST as the composition levy option has not been provided to the service providers.

17/12/2018

04/11/2018

Atal Pension Scheme: Eligibility, Contribution, Tax Benefits And Other Details!!
One can invest in the Atal pension scheme to earn a fixed pension of Rs. 1,000 per month, Rs. 2,000 per month, Rs. 3,000 per month, Rs. 4,000 per month or Rs. 5,000 per month, according to PFRDA's website.
Here are 5 main things about the scheme:
1. Age: The minimum age to invest in Atal Pension Yojana is 18 years and the maximum age is 40 years. The pension is payable at the age of 60 years.
2. Amount: The scheme's contributions can vary from Rs. 42 to Rs. 210 per month, depending on the age of entry and the pension slab chosen by the investor. Subscribers' joining at 18 years of age have to contribute Rs 42 and Rs 210 on monthly basis to get a minimum guaranteed monthly pension of Rs 1,000 and Rs 5,000 respectively. One can invest in the Atal pension scheme through three modes of payment: monthly, quarterly and half-yearly.
3. Tax Benefits: Contributions paid in Atal Pension Yojana can be claimed for income tax deduction up to Rs. 50,000 under Section 80CCD (1B) of the Income Tax Act, over and above the Rs. 1.5 lakh per financial year allowed under Section 80C.
4. Eligibility/Exit: Opening an Atal Pension Yojana account requires the applicant to hold a savings account either with a bank or a post office. Atal pension scheme subscribers are allowed premature exit before the age of 60 years "only in exceptional circumstances, i.e., in the event of the death/ terminal disease", said PFRDA.
5. Other benefits: However, one is guaranteed a minimum monthly pension between Rs 1000-5000 and to the spouse after death of the subscriber, said PFRDA on its website, pfrda.org.in. In case of death of both, the entire corpus is returned to the nominees.