Specialized Investment Fund distribution now requires dedicated certification, while transitional recognition preserves existing qualified distributor...
Overlapping GST proceedings require Central and State authorities to designate one competent authority for coordinated adjudication of the same matter...
Composite healthcare supplies retain exemption when patient care is the contract's essential character, despite payment through an implementing agency...
The article addresses whether corpus/sinking fund contributions collected by a residential association constitute "consideration" and attract GST. It applies the statutory definitions of supply and consideration, rejects the doctrine of mutuality by operation of the deeming provision, and treats the association as a person distinct from members. Corpus contributions are characterised as advances for future supply of membership-organisation services and are distinct from recurring monthly maintenance by purpose and accounting. Consequently time-of-supply rules for advances apply and GST liability arises on receipt/collection. Questions on accounting, documentation and audit demonstration were held outside the admissible advance-ruling scope.
The article addresses whether corpus/sinking fund contributions collected by a residential association constitute "consideration" and attract GST. It applies the statutory definitions of supply and consideration, rejects the doctrine of mutuality by operation of the deeming provision, and treats the association as a person distinct from members. Corpus contributions are characterised as advances for future supply of membership-organisation services and are distinct from recurring monthly maintenance by purpose and accounting. Consequently time-of-supply rules for advances apply and GST liability arises on receipt/collection. Questions on accounting, documentation and audit demonstration were held outside the admissible advance-ruling scope.
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