Yes, one single invoice can contain both taxable and tax-exempt line items. However, this will be a ‘Tax Invoice’ (and not a Bill of Supply). The taxable portion of the invoice amounts and non-taxable portion of invoice amount must be appropriately mentioned in the GST returns at the end of the […]
[Last updated on July 14th 2017] As per the clarification provided by Govt in this press release http://pib.nic.in/newsite/PrintRelease.aspx?relid=167386 on 13th July – GST needs to be levied on members only if the annual collection from members in your Housing Society is more than 20 Lakh rupees and monthly collection from members […]
Definitions: SGST : State GST CGST : Central GST IGST : Integrated GST GST is levied in two forms on the services offered, based on the location of the supplier (Society) and the location of the Customer (Members / Non-Members). If both supplier and customer are from same state, the […]
GST specifies the invoice formats that an entity should use when issuing invoices to customers. There are two types of invoices : 1. Tax Invoice 2. Bill of Supply Tax invoices are issued when the society is issuing invoices for taxable goods or services being offered to its members or […]
If your Housing Society is coming under the purview of GST, as per section 15(2)(d) of GST act, you need to charge 18% GST on Late Payment / Penalty charges levied on members.
Following are the various minimum returns to be filed for GST and their dead lines for every Society: GSTR-1 : Outward Supplies of Goods / Services – to be filed by 10th of following month GSTR-2 : Inward Supplies of Goods / Services – to be filed by 15th of […]
In the past, ApnaComplex supported ability to reverse a charge on an invoice. But we have withdrawn this capability as reversing one charge on an invoice is making the invoice document already issued incorrect. The correct way to reverse an incorrectly raised charge is by issuing a credit note to […]
The Service Accounting Code (SAC) to be used for Maintenance Charges (or CAM Charges) collected from Members is 00440245 (Maintenance and Repair Services).
HSN is short form for Harmonized System of Nomenclature – a mechanism to uniquely classify and number supplies across the world in a systematic and logical manner. Internationally it is a 6 digit code. In India it is an 8 digit number (2 more digits are added). SAC is Service […]
While GST simplifies the tax structures, it increases the compliance burden significantly on all entities. There are minimum of 37 returns that a Housing Society coming under GST purview need to file in one financial year. If the housing society is not regular in maintaining books – there will be […]