Here are some recent changes in tax matters relevant to registered trusts.
A slew of changes on the GST as well as income tax front has become applicable from 1st April 2019 onwards. Since these changes will have a bearing on our financial planning, we need to know them in detail. Here, we list them in order of importance and applicability to the charitable trusts and then deal with those items which we need to know better.
Threshold Limit for GST
The threshold limit for obtaining registration for those exclusively engaged in supply of goods has been raised to Rs 40 lakhs. However, this exemption is not available to those required to take compulsory registration, to those engaged in supply of ice-cream and other edible ice (whether or not containing cocoa), pan masala and tobacco and manufactured tobacco substitutes, those engaged in intra-state supply in states of Arunachal Pradesh, Manipur, Meghalaya, Mizoram, Nagaland, Puducherry, Sikkim, Telangana, Tripura and Uttarakhand and those who have voluntarily obtained registration and those registered persons intending to continue their existing registration. For those dealing with supply of goods in Arunachal Pradesh, Meghalaya, Puducherry, Sikkim, Telangana and Uttarakhand, the threshold limit is Rs 20 lakhs; for Manipur, Mizoram, Nagaland and Tripura, the threshold limit is Rs 10 lakhs.
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Fr Alex Gnanapragasam SJ
