GST

Latest GST News, Notification, & Announcements

The GST regime has helped streamline India’s indirect taxation system for the better. All eligible businesses must register for GST, pay their dues, and file returns to stay compliant. 

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GST News for the Month of July 2021

GST to Apply for Cooperative Societies With Monthly Maintenance Over Rs 7,500

The Maharashtra bench of the Authority for Advance Rulings (AAR) recently held that a GST is chargeable against maintenance charges collected by a residential cooperative society from members if monthly maintenance is over Rs 7,500.

According to a report in The Times of India, cooperative housing societies have to collect and pay GST on the amounts received against maintenance charges from its members, as it is a ‘consideration received for supply of goods and services.

The AAR circular says that the CHS has to levy 18 per cent of GST on maintenance charges from each member. However, smaller societies with an annual turnover of Rs 20 lakh or less do not have to comply with these GST obligations. 

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Meanwhile, the Madras High Court, similar to the Maharashtra ruling, said that GST is applicable to monthly maintenance amounts that exceeded Rs 7,500 only. As a result, resident welfare associations (RWAs) would save Rs 1,350 per month which was paid towards GST. 

If You’re Buying Old Jewellery, Then You Have To Pay GST On Difference Between Purchase and Selling Price

If you have a jewellery business and are required to buy second-hand gold, then you will only pay GST on the profit earned on resale, the Karnataka Bench of the Authority for Advance Ruling (AAR) recently.  

An application for the same was filed by Bengaluru-based Aadhya Gold Private Ltd. The jeweller sought clarity on whether Goods and Service Tax (GST) has to be paid on the difference between selling and purchase if it buys second-hand gold from individuals. 

The AAR ruled that GST is payable on the margin between the sale price and purchase price, as the gold was not being melted to transform it into bullion and then recreating it into new jewellery. 

GST Council Likely To Be Held After Monsoon Session Of Parliament

A special GST Council meeting is likely to be held in August, soon after the conclusion of the monsoon session of parliament, The Financial Express reported. 

The key highlights of this meeting will be to discuss the revenue shortfall compensation for states beyond June 2022, when the five-year assured period comes to a close. 

The Council will likely debate on streamlining GST rates and inverted duty structure, tightening anti-evasion and fake input tax credit availed by scamsters to boost revenues.

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