The Karnataka Authority of Advance Ruling (AAR) has held that corpus funds collected by the applicant for future contingencies are treated as “consideration” as advances meant for the future supply of services to members and attract GST. The bench of Kalyanam Rajesh Rama Rao and Sivakumar S Itagi has observed that there are well-recognized distinctions…
GST Payable On Corpus Funds Collected By Residential Association For Future Contingencies: AAR
Mariya Paliwalahttps://www.jurishour.in/
Mariya is the Senior Editor at Juris Hour. She has 7+ years of experience on covering tax litigation stories from the Supreme Court, High Courts and various tribunals including CESTAT, ITAT, NCLAT, NCLT, etc. Mariya graduated from MLSU Law College, Udaipur (Raj.) with B.A.LL.B. and also holds an LL.M. She started her career as a freelance tax reporter in the leading online legal news companies.
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