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The GST Appellate Authority for Advance Rulings (AAAR), Maharashtra bench has upheld an earlier order of the GST Authority for Advance Rulings (AAR) that goods and services tax (GST) is to be levied on maintenance charges collected by cooperative housing societies if the monthly subscription or contribution charged from members is more than Rs 7,500 per month and the annual aggregate turnover is Rs 20 lakh or more.It should be remembered that in July this year the Central Board of Indirect Taxes and Customs (CBIC) had said that a cooperative housing society will have to levy and collect GST (at the rate of 18%) on the total amount collected as maintenance charges, if it exceeds Rs 7,500 per month, per member. It had also noted that those societies with an annual turnover of more than Rs 20 lakh or less will not have to register under GST.Smaller CHS with an annual turnover of Rs 20 lakh or less do not have to register under GST. Thus, they do not have any GST obligation, irrespective … [Read more...] about Cooperative housing societies will now have to pay GST on maintenance charges; check new rules

The Tamil Nadu unit of the Bhartiya Janata Party (BJP) has launched a helpline to support applicants secure a bank loan under various government schemes, arguably the first occasion a political outfit is openly intervening in the lending activity of financial institutions.The BJP unit published details of the helpline on its website www.tnbjp.in.“Once you have registered, upload the requisite details on the site. Our administrators will contact you soon and help you obtain a bank loan,” the website says.Close The promise of loans by BJP comes in the backdrop of the poor response to the Rs 3 lakh crore MSME loan scheme launched by the central government. related news Pondy govt geared for cyclone 'Nivar'; CM visits coastal areas Coal-blooded dons: The rise and fall of Anup Majhi and Joydeb Mondal GST compensation: Kerala, West Bengal opt for option 1 to meet shortfall State-run banks, which are under heavy pressure to disburse loans, have … [Read more...] about BJP’s Tamil Nadu unit launches helpline to obtain loans