Hi, our Apartment has 52 flats and maintenance is taken care by association for the past 10 months. The total maintenance amount collected is approximately 1.5 lacs per month. Other than this, we also collect (sinking) corpus fund based on need.
Around 50 percent of the items, we dont get receipts like Tanker Water, Diesel, Petty Expenses.
What is the GST liability on the apartment?
Is it calculated based on the amount collected per annum? Or, is it based on the amount spent per annum?