Increased problems of those living in flat should be given 18% GST!

Recently, the government has implemented a new rule on the maintenance fee of housing associations, which has become a matter of concern for millions of people living in the apartment. In terms of this new rule, if the monthly maintenance expenses of your housing association or apartment are more than Rs 75,000, or the whole year maintenance expenses are above Rs 20 lakh, it will be charged 18 percent GST (goods and service tax). This change is likely to increase monthly expenses for the residents of society, and their discussion about it is also in full swing. Why did the government change the rules? The government has changed the rules associated with the Housing Association, so that the scope of the tax fee can be increased. The purpose of this is that the maintenance expenses are appropriately taxed to large and more expensive apartments or associations. According to the report, millions of people live in apartments, especially in major cities such as Bengaluru, Mysore, Mangaluru, Hubli and Belagavi, where maintenance expenses are large. What societies will be affected? It has been clarified by the government that this rule will not apply to every apartment or society. Only those societies and apartments will come under this goal, of which the monthly maintenance expenses are more than Rs 75,000 or annually, the total maintenance expenses are above Rs 20 lakh. Apart from this, this rule does not apply to societies that have less than 20 lakhs. If you suspect whether this tax will apply to your society or not, you can check the GST status of your society by going to your nearest commercial tax office. This will make it clear to you whether your society will need to register. If your society must register under GST, you must follow many rules with it. According to the report, societies in this case must submit returns twice a month – one against the 11th and the other by the 20th. Apart from this, it will also be necessary to fill the annual return. Due to regular submission returns and other GST -related work, society may also have to carry extra expenses of 1 to 2 lakh calls. Therefore, many apartments and societies are now thinking about whether they should register or not. This decision can not only be financially challenging, but also for management. Impact on residents of society The implementation of this new rule can increase the maintenance fees for the inhabitants of society. The purpose of this step of the government is to increase tax collection, but this is expected to increase pressure on the general public’s pocket. Especially those living in the apartments that spend more than before, they will now have to add this new amount to their monthly budget. The government’s conclusion has brought a major change to those living in the apartment. While it is an attempt to make the tax system more transparent, it will also present economic and administrative challenges for societies and residents. If the maintenance expenses of your society are above the prescribed limit, you must prepare to register GST and follow the rules as soon as possible. To ensure that you should avoid unnecessary tax or fine, contact the administration of your society regularly and ask for the necessary legal and financial advice. In this way, you will be able to better manage budget and also follow the new rules of the government.