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Q. > Please Help: GST Applicable
A Society registered under Sec 12AA of Income Tax Act 1961 has leased out the entire Ground floor to the Banking company inside the compound of Land and building of the Society at monthly rent above RS 1.50 lacs per month. Will it attract GST. If yes , Is reverse charge mechanism applicable.
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YUGENDRA NAGPURE
12-Jan-2019 , 04:34:18 pmYeah.... GST is applicable on monthly rent charged by Society from Banking company & this is not covered under reverse charge. There are certain criteria for a charitable trust or an NGO to be exempted from the Goods and Services Tax. The charitable trust or NGO must be registered under Section 12AA of the Income Tax Act, and the services provided by the charitable trust or the NGO must be for a charitable cause. The Goods and Services Act also specifies the criteria to be called a charitable activity. They are:Public health services, such as: Counseling of terminally ill persons or counseling for physically disabled Counseling for people affected with HIV or AIDS Counseling for alcohol-dependent persons Promoting of religion, spirituality, or yoga Spreading public awareness on health, family planning Promoting educational programs or skill development relating to: Physically or mentally abused persons Prisoners,Orphaned, homeless, or abandoned children Rural area residents over the age of 65