UAE VAT: Practical Foundation Course
AI in Excel for the Modern Professional: Excel, PPT & Office Productivity
Certification Course on Tally With AI
GST on Infrastructure Sector
GST on Hospital Sector
AI and Excel (Start the New Year with New Learnings)(Recorded Courses)
Yes, trusts receiving voluntary contributions should show them in their GST (Goods and Services Tax) returns. Here's why: 1. *GST Applicability*: Trusts are liable to register for GST if their annual turnover exceeds the threshold limit (currently ₹40 lakhs). 2. *Voluntary Contributions*: Voluntary contributions received by a trust are considered as "receipts" and may be subject to GST. 3. *Taxable Supply*: If the trust provides any services or goods in return for the voluntary contributions, it may be considered a taxable supply. 4. *Input Credit*: If the trust is registered under GST, it may be eligible to claim input credit on expenses incurred for providing such services or goods. 5. *GST Returns*: The trust must report the voluntary contributions and any GST liability in their GST returns (GSTR-1, GSTR-2, and GSTR-3). However, some exceptions and exemptions may apply, such as: - *Donations*: Donations received by a trust may be exempt from GST if they are not in excess of ₹1 lakh per donor per financial year. - *Charitable Activities*: Trusts engaged in charitable activities may be exempt from GST if they are registered under Section 12AA of the Income Tax Act. Consult a tax professional or chartered accountant to ensure compliance with GST regulations and to explore available exemptions.
Your are not logged in . Please login to post replies Click here to Login / Register
More recent discussions | Post
India's largest network for finance professionals
Alternatively, you can log in using:
CAclubindia
