Benefits
This query is : Resolved
Mustafa Khojema Misri
(Querist)
14 August 2012
Please let me know whether anyone is aware of the benefits that can be availed in respect of Indirect Taxes for Construction and Running of Hospital under a Private Trust such as:
1) Relief in Custom duty for import of medical equipments.
For eg. we have EPCG(Export Promotional Capital Goods) & DSIR (Department of Scientific and Industrial Research) benefits via notification for equipments imported for scientific research.
2) Abatement in Service Tax for service rendered and received
3) Abatement in Sales Tax for local procurement.
1) Relief in Custom duty for import of medical equipments.
For eg. we have EPCG(Export Promotional Capital Goods) & DSIR (Department of Scientific and Industrial Research) benefits via notification for equipments imported for scientific research.
2) Abatement in Service Tax for service rendered and received
3) Abatement in Sales Tax for local procurement.
RAMESH KUMAR VERMA
(Expert)
20 August 2012
The right of all citizens to form associations or unions is guaranteed by the Constitution of India, Article 19(1) (c). Charitable organisations usually take the legal form of a trust, society, or non-profit company (also called not-for-profit organisations or NGOs), and are regulated by a variety of state and central government agencies, laws and authorities.
Benefits of registration:
Non-profit organisations may be eligible for tax exemption under the Income Tax Act 1961.
This stipulates that a not-for-profit organisation must:
• be organised for religious or charitable purposes;
• spend 85% of its income on the objects of the organisation; and
• use all funds for the public benefit.
Charitable purposes include "relief of the poor, education, medical relief, and the advancement of any other object of general public utility."
The Registrar of Societies has regulatory responsibility for societies. A society can either register at the state level with the Registrar of Societies or at the District level with the District Magistrate or the local office of the Registrar of Societies.
The Registrar of Companies is the regulatory authority for Section 25 companies.
Charitable trusts registered under the Bombay Public Trusts Act, applicable in Gujarat and Maharashtra, are regulated by the Charity Commissioner in those states.
NGOs involved in relief work and in the distribution of relief supplies to the needy are 100% exempt from Indian customs duty on the import of items such as food, medicine, clothing and blankets.
read link
https://www.cbec.gov.in/customs/cs-circulars/cs-circulars01/81-2001-cus.htm
https://220.227.161.86/25067IDT63.pdf
Benefits of registration:
Non-profit organisations may be eligible for tax exemption under the Income Tax Act 1961.
This stipulates that a not-for-profit organisation must:
• be organised for religious or charitable purposes;
• spend 85% of its income on the objects of the organisation; and
• use all funds for the public benefit.
Charitable purposes include "relief of the poor, education, medical relief, and the advancement of any other object of general public utility."
The Registrar of Societies has regulatory responsibility for societies. A society can either register at the state level with the Registrar of Societies or at the District level with the District Magistrate or the local office of the Registrar of Societies.
The Registrar of Companies is the regulatory authority for Section 25 companies.
Charitable trusts registered under the Bombay Public Trusts Act, applicable in Gujarat and Maharashtra, are regulated by the Charity Commissioner in those states.
NGOs involved in relief work and in the distribution of relief supplies to the needy are 100% exempt from Indian customs duty on the import of items such as food, medicine, clothing and blankets.
read link
https://www.cbec.gov.in/customs/cs-circulars/cs-circulars01/81-2001-cus.htm
https://220.227.161.86/25067IDT63.pdf
Mustafa Khojema Misri
(Querist)
20 August 2012
Thank You Sir.
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