Reports suggest around 70,000 co-operative Housing Societies in Maharashtra have to follow the GST regulations as their annual collections may soon exceed the Rs 20-lakh mark, reports Money Control.
Of these, 50,000 societies are in the Mumbai region alone, co-operative sources confirm.
Transfer fees paid by incoming and outgoing members to the societies constitute their annual turnover.
Government had earlier said GST will cover maintenance charges collected from house owners amounting to Rs 20 lakh or more annually.