GST on Corpus Fund & Electricity Charges collected from members by RWA

In re Prinsep Association of Apartment Owners (GST AAAR West Bengal) M/s Prinsep Association of Apartment Owners filed an appeal against the West Bengal Advance Ruling Authority’s decision on GST applicability regarding corpus funds and electricity charges. This article delves into the intricacies of the case and its ramifications for RWAs in India. The appeal raises pertinent questions: 1. Corpus Fund Taxability: Are contributions towards corpus funds subject to GST? As per the ‘ICAI Guidance Note on Terms Used in Financial Statements‘ [GN(A) 5 issued 1983], published by The Ins...