We have already done an article on GST and its application on the co-operative housing societies. In case you haven’t read it, please visit www.chsone.in/blog/2018/03/23/gst-housing-societies/.
However, we are here again with the topic of GST as we have missed an updation point as per the new GST bill. Initially it was, societies where the individual member contribution per month is more than INR 5000 used to attract GST on the monthly bill. However as per the new bill, the amount has been raised from INR 5000 to INR 7500. Therefore, as per present status, societies where the individual member contribution per month is more than INR 7500 will be attracting GST on the monthly bill at a rate of 18%.
Since we have already opened the subject of GST, why not mention the documents requirements while registering your CHS. The following listed documents are essential for registering your co-operative housing society under GST Act.
1. CHS PAN Card
2. Bank Statement of the CHS
3. CHS registration certificate
4. Certified CHS Resolution
5. Authorization Letter
6. Address Proof of the Authorized person
7. Photograph of the Authorized Person
8. Digital signature of the Authorized person
Said so, one has to admit that maintaining a society, keeping it up to date in terms of rules and regulation, securing the documents, keeping the accounts tax compliant is not an easy 2- minute work. While it will still need a dedication and commitment to be done, good reliable society management software can help you streamlining your task and make it hassle-free.
Stay tight to this space for more articles. Till then, Bye!!