Treatment of GST on Goods Purchased Under CSR Contribution
Posted By :
Kamal /
Published on :
12-Feb-2022 02:11 PM /
View :
927 /
Comment :
1
Dear Members,
We have planned to distribute educational equipment to underprivileged students studying in various levels.
The equipment purchase including GST ?
How do we treat the CST Contribution for Compliance ?
1. Purchase materials including GST and should not claim GST input
Ex:- CST Contribution is Rs. 1 Lakh
purchase material worth Rs. 1 Lakh (including GST 18,000/-)
or
2. Purchase the materials to the extent of Rs. 1 Lakh and pay GST 18% GST and total payout Rs. 1,18,000/-
Payout Rs. 1,18,000/- and claim 18,000/- the input tax credit ?
Which is the best practice of compliance ??
Read more on : contribution under purchased goods treatment
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Posted By : Kamal /
Published on :
15-Feb-2022 03:02 PM /
View :
1022 /
Comments : 0
Dear All,
Does anybody has 4-5 years old section 8 microfinance company
State can be Delhi, Haryana or Rajasthan
Name must include "Microfinance"
Click here to view / answer Share it on
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Posted By : Kamal /
Published on :
15-Feb-2022 01:36 PM /
View :
956 /
Comments : 1
Hi,
The company is foreign subsidiary and wants to alter its MOA.
The nominee Director who is a subscriber to MOA on behalf of foreign company, is an NRI.
Is it mandatory to get the altered MOA Apostle?
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Posted By : Kamal /
Published on :
15-Feb-2022 01:33 PM /
View :
897 /
Comments : 1
Hello,
Will the FEMA Provisions get violated if the Company is registered as NBFC? pl guide
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Posted By : Kamal /
Published on :
12-Feb-2022 02:07 PM /
View :
1109 /
Comments : 1
I have Incorporated a new Company and I am in the Process to Open a Bank Account with HDFC BUT Bank Asking Minimum 25000 to Open a Bank Account but my Total Paid up Capital Itself is Rs. 5000 Only.
Can Director Deposit More than Actual Payable or how to Sort out this Issue Because when Filling Form 20 a Bank Statement is Required.
Please Help me in this Regard
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Posted By : Kamal /
Published on :
12-Feb-2022 01:57 PM /
View :
2307 /
Comments : 3
Dear Members,
Please anyone share rate of stamp duty for share certificate in Kolkata, West Bengal.
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Posted By : Kamal /
Published on :
12-Feb-2022 01:54 PM /
View :
985 /
Comments : 1
Dear All
Can anyone help me with the name approval of section 8 microfinance? Objection raised by CRC due to small finance objects.
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Posted By : Kamal /
Published on :
09-Feb-2022 02:26 PM /
View :
589 /
Comments : 2
Dear all,
Plz share ur experience regarding LLP 3 approvals.... Generally what time ROC takes for approval. Because I filed LLP 3 for changing object of LLP at 10 days ago..and I haven't received any response from ROC yet. On MCA it's showing Pending for approval.
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Posted By : Kamal /
Published on :
09-Feb-2022 02:24 PM /
View :
559 /
Comments : 0
Dear Member,
Required furnish Share certificate template in word version with the counter acknowledgement which will be tear up by the company for there internal record.
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Under the Goods and Services Tax (GST) regime, if a company purchases goods for the purpose of fulfilling its Corporate Social Responsibility (CSR) obligations, the tax treatment would depend on whether the CSR activity is covered under Schedule VII of the Companies Act, 2013.
If the CSR activity is covered under Schedule VII, it would be considered as a business activity and the GST paid on the purchase of goods can be claimed as an input tax credit by the company. The company can utilize the input tax credit for payment of output GST liability on its taxable supplies.
However, if the CSR activity is not covered under Schedule VII and is considered as a charitable activity, the GST paid on the purchase of goods cannot be claimed as an input tax credit by the company. In such a case, the company would need to bear the GST cost as an additional expense.
It is important to note that the treatment of GST on CSR contribution may also depend on the nature of the supplier of goods and the documentation supporting the transaction. Companies should maintain proper records and documentation to support their claim of input tax credit, if applicable.
In summary, the treatment of GST on goods purchased for CSR contribution would depend on whether the CSR activity is considered as a business activity or a charitable activity under Schedule VII of the Companies Act, 2013. If the CSR activity is a business activity, the company can claim input tax credit on the GST paid on the purchase of goods. However, if the CSR activity is a charitable activity, the company cannot claim input tax credit on the GST paid.