Coop Societies Liable to Pay GST if Turnover Exceeds ₹20L, Says Report

Serious loss to Central and state govts: Report

- P RAMDAS @ Kochi

IN an attempt to bring the cooperative societies run by political parties and other organisations under the GST net, a report by the Central GST, Central Excise and Customs deputy commissioner has revealed that any cooperative society with an aggregate turnover of more than Rs 20 lakh in a particular financial year shall be liable for registration under GST.

The report cited the provisions of Section 22 (1) of the Central Goods and Service Tax Act, 2017, to state that such entities are liable to pay GST. The report said that group deposit schemes run by cooperatives are like chits, and hence, liable to be taxed at 18%.