Availment of itc by housing societies
This query is : Resolved
11 January 2019
Housing Societies are not collecting GST from its members since monthly subscription is less than Rs.7,500/-(Less than exemption limit).Society is getting income from tower rent on which they are collecting GST.
Now my query is;
Whether society is entitle to avail entire credit or it has to reverse the credit because they are not collecting GST from members as ITC is utilised for providing exempt services(No collection of GST from members as subscription is less than Rs.7,500/-) So whether proportionate reversal of ITC is required every month.
Now my query is;
Whether society is entitle to avail entire credit or it has to reverse the credit because they are not collecting GST from members as ITC is utilised for providing exempt services(No collection of GST from members as subscription is less than Rs.7,500/-) So whether proportionate reversal of ITC is required every month.
12 January 2019
You have to collect and pay GST on tower rent if it's exceed 20 Lacs per annum. Who is collecting GST from you.
12 January 2019
Sir,
Society is collecting GST on tower rent but my query is since society is providing taxable (Tower rent) as well as exempted services(GST not collected from members on maintainance charges as monthly subscription is less than Rs.7500/-) so whether we need to reverse input tax credit proportionately on monthly basis.
Society is collecting GST on tower rent but my query is since society is providing taxable (Tower rent) as well as exempted services(GST not collected from members on maintainance charges as monthly subscription is less than Rs.7500/-) so whether we need to reverse input tax credit proportionately on monthly basis.
12 January 2019
In my opinion, ITC is need to be reversed proportionately.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- TDS CREDIT MISMATCHING
- Buy back of shares u/s69
- Tax Audit Applicability – Newly Formed Partnership Firm with Profit Below 6%/8%
- Sec 44ada applicable only or both
- Portuguese Civil Code IT Return
- IS AUDIT MANDATORY IF COMMISSION INCOME IS MORE THAN 50 LAKH
- Need Professional Opinion - AY 2012-13 Old Demand & AY 2026-27 Refund Adjustment
- ITR 4 and Bank transactions
- Taxability of Partnership firm for FY 2025-26
- EMI ISSUE IN HOUSING LOAN OLD REGIME
- Sale of property held jointly with a non resident Indian
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
