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Dec 20, 2022 · GST applicability on renting of residential property from 1 st July 2017 till 17 th July 2022. GST @18% is applicable on the renting income. However, it is important to go through exemption notification no. 12/2017- Central Tax (Rate) dated 28th June 2017.
Oct 16, 2022 · Understanding the new GST rule for residential rent under RCM. Learn how it affects tenants and landlords, and the conditions for GST registration.
GST on rent RCM easy guide - The article will elaborate on applicability of GST on commercial & residential property, Rate of tax on rental income, place of supply , Time of Supply, Applicability of Reverse Charge Mechanism, availability of Input Tax Credit on GST Paid on rental income by registered persons and all latest amendment in respect ...
Rental income of commercial nature falls under Entry No. 16 of Notification no. 11/2017 (Central Tax Rate) Dated 28th June 2017, in which GST is applicable at the rate of 18%, which has to be charged by the service provider (i.e. Landlord) under 'forward charge mechanism'.
Jan 16, 2024 · Under the GST Act, leasing or renting of commercial property, including shops, offices, or warehouses, falls under the category of supply of services and attracts GST @18%. However, small taxpayers who have an annual turnover of less than Rs.20 lakhs are exempted from GST on rental income.
Jul 13, 2023 · Under the RCM, the registered persons who rent residential dwellings have to pay GST @ 18% directly to the government on their own account and then claim the GST paid as an input tax credit in their returns.
May 28, 2024 · In the 48th GST Council meeting, the Council clarified that no GST is payable where a residential dwelling is rented to a registered person if the same is rented it in their personal capacity and for use as their own residence.
May 22, 2024 · Section 24 of the CGST Act, 2017 states that a person liable to pay GST under the reverse charge mechanism have to compulsorily register under GST. The threshold limits of Rs.20 lakh or Rs.40 lakh, as the case may be, will not apply to them.
Jul 26, 2022 · Ans: Company is required to pay GST @ 18% under RCM. Further, the such expense will be considered as an item of business expenditure and eligible to claim Input Tax Credit by the company. Ques 2: A company (registered in GST) takes a residential property on rent for one of its directors for residential purposes.
Aug 12, 2022 · As recommended at the 47th GST Council meeting, the tenant should pay 18 per cent GST on a reverse charge basis (RCM). However, they can claim this value as a deduction while they pay tax...
