GST on Housing Society
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Goods & Services Tax GST (India)
GST Return Filing Housing Society
Residents dwelling in apartments and housing societies RWA (Resident Welfare Associations) are required to pay GST on their houses at the rate of 18% on the monthly maintenance fee.
Applicability of GST on Housing Society:
Individuals paying Rs. 7500 as maintenance charges, making the overall collection from the entire society over Rs.20 lacs are liable to pay Taxes.
However, if any renovation work is carried out involving construction materials such as cement, steel, or paint, the society can gain Tax benefits in the form of input Tax credit and claim refunds while filing GST.
Housing societies with an annual maintenance collection exceeding Rs.20 lacs but less than Rs.70 lacs can opt for a composition scheme and pay GST at a fixed rate.
Parking Charges
GST is applicable if parking charges fall under the service definition
Water Charges
GST applies to water charges if the water used in a common area
Sinking Fund
GST may be applied for the utilization of the sinking fund and may attract Tax
Property Tax
GST is not applicable to Property tax
Rate of Tax
These are the following rates of GST applicable in the case of Housing Society:\
Rate of Tax
These are the following rates of GST applicable in the case of Housing Society:
- 28% of GST Tax is applicable on accommodation in guest houses, clubs or other commercial places meant for residential where room rent is Rs 5000 and above per night per room
- 18% of GST Tax is applicable on Renting guest houses, clubs or other commercial places meant for residential where room rent is Rs 2500 and above but less than 5000 per room per day.
- 12% of GST Tax is applicable on Renting of guest houses, clubs or other commercial places where room Traffic is Rs 1000 and above but less than 2500 per room per day.
- 18% of GST is applicable on all other services which are not specified elsewhere
Housing societies are allowed to take credit of taxes paid on input and utilize the same for payment of output tax because housing societies paid GST for its capital goods like generators, water pump lawn furniture etc. Other goods like taps pipes, different sanitary/hardware fillings etc. and input services such as repair and maintenance.
Periodic Compliances by Society in Respect of GST
The Housing Society has to file three monthly return of GST.
- 1. GSTR-1 (Return in respect of sales)
- 2. GSTR2-A(Return in respect of purchases)
- 3. GST return for net liability payable
Housing Society GST Return Packages
Tax Robo Basic
₹2999 .00
* All Exclusive Tax
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All GST Returns
- Below 100 Invoices
- GST Computation
- GSTR 1 Filing
- GSTR 3B Filing
- GST Reconciliation
- GST Payment
Tax Robo Family Auditor
₹5999 .00
* All Exclusive Tax
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All GST Returns
- Below 200 Invoices
- GST Computation
- GSTR 1 Filing
- GSTR 3B Filing
- GST Reconciliation
- GST Payment
Tax Robo Family Auditor (All)
₹7499 .00
* All Exclusive tax
- All GST Returns
- Unlimited Invoice
- GST Computation
- GSTR 1 Filing
- GSTR 3B Filing
- GST Reconciliation
- GST Payment
GST Compliance ManAgement Easy with Tax Robo
Monthly Compliances
✓ You know nowadays GST registration is made very easy but compliance is very complicated.
✓ Know about GST invoice formats and preparation the person is engaged in the inter-state supply of goods
✓ Know about eligible input credit
GST Records
✓ Maintain GST documents and accounts properly.
✓ Sending goods with e-way bill.
✓ Confirm GST return computation.
✓ Display GST certificate on office premises.
Working Capital Management- GST
✓ Proper working capital management is required for payment of GST Taxes.
✓ Frequently confirm GSTR 2a reconciliation.
Tax Robo Supports Simple GST Compliance Solution
Basic GST Training
- Train you for handling GST documents, input documents and invoices
- Product analysis with the questions whether the product under any restricted sales in India eg. Cement, Steel.
Regular Compliances
- Reminder for GST payments and avoid penal actions
- Filing return before the due date
- 100% Accurate filing
- Draft GST compuation send to client for confirmation
- Filing GST only after your confirmation
Reconciliation of GST
Frequently check your eligible ITC and prepare GSTR 2A reconciliation
Documents Required for GST Return Filings Online
GST Purchase
✓ Purchase Invoices.
✓ Invoice contains GST Number.
✓ Contains Invoice number & date.
✓ Descriptions of goods and services.
✓ Place of supply.
GST Sales
✓ Sales Invoice copy.
✓ Invoice contains GST Number.
✓ Contains Invoice number & date.
✓ Descriptions of goods and services.
GST Inputs Tax Credit(ITC)
✓ Input Bills copy.
✓ Invoice contains GST Number.
Advantages & Benefits of GST Registration in India
Compliances
- GST Compliances Safeguard Your Business
- GST Compliances Are Eligible For Business Loans
- GST Compliances Are Eligible For Govt Loans
- Customers Know About Your GST Compliances, Hence Business Relation Will Be Goods
Save Taxes
- Avoid Penal Actions
- GST Is Great Benefits For Business Persons, Only GST Collected From Customers Are Paying After Input Credit. Nothing From Your Pocket
- Tension Free Business For Non Compliances
- Avoiding Late Fees And Penalty
Error Free
- Total Elimination Of Clerical Error / Error- Free Return
- Tax Robo Recommends/Suggests Tax Savings Plan & Products To Clients
Compliance after GST Registration
Records
- File maintenance is very important
- Maintain your GST invoice and input documents in proper ordering
- Filing GST return before the due date is art of administration
- Periodical reconciliation is required
Working Capital
- Plan your prearation GST invoices and their collection before the GST payment date
- Consider month end prepartion GST Taxable invoices. If you have enough working capital.