ICMAI’s Tax Research Department Releases Handbook on GST on Co-operative Sector – March, 2024 edition

By: Admin
June 11, 2024
Categories: GST Law|ICMAI|Important News
4 Min Read

The Tax Research Department of ICMAI (Institute of Cost Accountants of India) has released the Handbook on GST on Co-operative Sector – March, 2024 edition.

The revised edition of ‘Taxation on Cooperative Sector under GST’ was produced with contributions from the Tax Research Department and various resource persons who have shared their expertise.
The support and mentorship from these experts have significantly impacted and benefited stakeholders, students, and learners.
Cooperatives are democratic enterprises aimed at meeting common economic, social, and cultural needs, showing economic resilience and reinvesting profits for community development.
Under the Income Tax Act, cooperative societies must maintain comprehensive records for income computation (Section 44AA) and undergo audits if engaged in business activities (Section 44AB), with some exceptions.
Cooperative societies with turnovers over Rs. 20 lakhs must adhere to GST regulations, emphasizing the importance of the handbook for understanding these requirements.
The Complete Handbook can be accessed at: https://a2z-bucket.s3.ap-south-1.amazonaws.com/Handbook_on_GST_on_Co-operative_Sector.pdf