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Home-owners contribution of over Rs7500 per month to corpus fund of housing society is taxable: Karnataka AAR moneylife.in - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from moneylife.in Daily Mail and Mail on Sunday newspapers.
Home-owners contribution to corpus fund of CHS taxable
By IANS |
Published on
Mon, Apr 5 2021 20:51 IST |
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Temp GST compensation retention isn t diversion of cess: Fin Min sources. Image Source: IANS News
New Delhi, April 5 : Contributions made by home-owners of a cooperative housing society (CHS) towards a sinking fund meant for future upkeep of the society will be subject to the goods and services tax (GST).
The Karnataka Authority for Advance Rulings (AAR) has held that such contribution towards the sinking fund (also termed as corpus fund) is not a deposit , but in fact, an advance for future supply and thus liable for 18 per cent GST.