Society Accounting Archive

Goods & Service Tax (GST): Background & Declared Rates for Housing Societies

What is GST? GST – Goods & Services Tax is all set to be one of the most impactful economic reforms to be implemented in last few decades and is already being labeled as a major social reform too. What Is Wrong with The Current Tax System? Though India is politically one country, economically it

GateKeeper: The Journey from a Visitor Management System to a Comprehensive Security Management System

According to a research, 65% of people choose Apartment Living, because of the security it provides. A major part of our Apartment Maintenance Expenses also goes towards Apartment Security.  Yet there are these aspects about Security, which keep bothering us: It is not difficult for troublemakers to enter the complex by writing false information in the

Rs. 500 & Rs. 1000 ban: Tips For Money Management in Housing Societies

A bold decision by Modiji to ban old Rs 500 & Rs 1000 notes, may have you worried regarding impacts on housing society accounting and management. Here’s a few tips to help you through the change. On 8th November, 2016, we saw a landmark decision being taken by Shri Narendra Modiji, which rendered all Rs.

[Webinar] Financial Audit of Your Apartment Complex and Closing of Accounts: Key Takeaways

Though we have conducted several workshops before on various topics related to apartment management and accounting, they were all conducted in Bangalore. Apartment Association Members from across the country had been requesting us to conduct similar workshops in their cities. The only way we could reach Association members across India was, if we take our workshops online.

Krishi Kalyan Cess on Service Tax in Apartment Complexes

According to the last Finance Budget 2016-17 laid before the Parliament, the Honourable Finance Minister had introduced a Krishi Kalyan Cess (KKC). This tax would be 0.5 per cent of all taxable services. The proceeds of this cess would be exclusively used for financing initiatives relating to improvement of agriculture and welfare of farmers. Krishi

Collection Gateway Vs Payment Gateway: What to choose for your Housing Society

Collection Gateway is a sub-optimal method of collecting maintenance charges in housing societies, which many management committees are choosing, due to lack of awareness. Read on to know how it differs from a payment gateway solution and the reasons why collection gateways never becomes successful in housing societies. The secret behind well-run Housing Societies and Apartment Owners Associations is

Swachh Bharat Cess on Service Tax in Apartment Complexes

Dear ADDA Treasurers, You may have heard of the Swach Bharat Cess being added to Service Tax. A circular was published by Revenue department on 6-Nov-2015, based on which below is the majority interpretation. Clarifications are still pending from the department and our Team is on top of all information in this regard. Please find

Change in Service Tax rate to 14%

So far, you have been paying service tax at the rate of 12.36%. But not anymore, as the new Service Tax rate of 14% will be rolled out starting next month. Subsequent to President assent to Finance Bill, Central Government has issued Notification no. 13/2015-ST to 17/2015-ST dated 19-May-2015 to increase Service tax rate from

Service Tax for Societies – whether 12.36% or 14% to be applied for 1st April, 2015 invoices?

“To facilitate a smooth transition to levy of tax on services by both the centre and the states… the service tax rate is being increased from 12 per cent plus education cesses to 14 per cent. The education cess and secondary and higher education cess shall be subsumed in the new service tax rate. The

GST and its influence on Real Estate

The Goods and Services Tax (GST), a Value Added Tax (VAT) is set to be implemented from 1st April, 2016. It is all set to integrate State economies and boost overall growth. It will create a single, unified Indian market to make the economy stronger. It will be a comprehensive tax levy on manufacture, sale
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