Festive Savings Are Here. Get 10% OFF on All CCI Pro Plans. Subscribe Now!

Before GST is applied, Threshold limit on Fixed deposit by organization like association or society

572 views

Save Share

suresh

selfemployed

27 Points Posted on 16 May 2026

It has been discussed that the limit on fixed deposits by an association of members owners of a building or a building society is 20 lakhs before GST is applied. This is for income and expenditure account.

Is it possible to cross that limit by opening another Foxed deposit account in another bank. the name of the association or society being the same

Replies (2)

Quick Summary

The discussion clarifies the £20 lakh GST threshold for fixed deposits held by associations or societies, specifically concerning their income and expenditure accounts. It's confirmed that opening additional fixed deposit accounts in different banks under the same society's PAN will not bypass this limit. GST applicability and turnover calculations are based on a PAN-wide aggregate, combining all accounts and income sources for the legal entity.

suresh

selfemployed

27 Points Posted on 16 May 2026

suresh_o_chotrani @ yahoo.com

Aashok Kumar Sharma

Finance/Compliance Consultant

72928 Points Posted on 04 November 2026

Opening additional Fixed Deposit accounts in different banks under the same association or society PAN cannot bypass the threshold limit. GST applicability and turnover calculations are strictly determined on a PAN-wide aggregate basis, combining all accounts and income streams belonging to that legal entity.