Moneta
Issue No: 21
July 2017
CGST Act. It is advisable to avoid
receiving supplies from Un-registered
persons. Such GST Registered Housing Society
Need to Issue a Tax Invoice to its
Members
Whether
Eligible
Composition Scheme? All the Registered Persons (Normal
Registration) will have to file 3 returns
in a month.
for
Composition scheme is beneficial
scheme for small Businesses whose
Turnover is less than Rs 75 Lakhs
per Annum (Rs 50 Lakhs for Special
Category States). However the
scheme has many restrictions and
one of them is Service Sector
(except Restaurants). Since the
facilities and benefits extended by
the Housing Society are in the nature
of Service grouped under Service
Accounting Code (SAC) 9995,
Housing Society is not eligible for
Composition Scheme.
GSTR – 1 by 10th of following month –
Towards Outward Supply (Maintenance
Charges)
GSTR – 2 by 15th of following month –
Towards Expenses Side and
GSTR – 3 by 20th of following month –
Monthly consolidated return and
GSTR – 9 by 31 st December of the
Following Year
Thus in all 37 returns will have to be
filled.
Also to maintain proper Records of
Supply & Expenses and preserve such
records for 72 Months.
Statutory Compliances:
Under GST, all dealers including a
Soc