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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.
Dec 20, 2022 · Q.1 Who is liable to pay GST on rent on commercial property? Ans. GST @ 18% on rent on commercial property is payable by the registered service provider (i.e. landlord). There is no reverse charge mechanism applicable in case of GST on rent on commercial property. Q.2 Is RCM applicable on rent for commercial property? Ans.
Jul 26, 2022 · The renting of a residential dwelling for use as residence is exempt from the levy of GST vide S. No. 12 of Notification No. 12/2017 Central Tax (Rate) dated 28.06.2017. Now, in the 47th GST Council meeting, it was decided to introduce RCM on renting residential dwellings.
2. Reference has been received requesting for clarification whether services supplied by a director of a company or body corporate in personal or private capacity, such as renting of immovable property to the company, are taxable under Reverse Charge Mechanism (RCM) or not.
May 28, 2024 · For all commercial spaces that are on rent, GST will be applicable at 18% on the taxable value and rent would be treated as a taxable supply of service. If a registered charitable trust or a religious trust owns and manages a religious place meant for the public, it is exempt from GST.
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 ...
Aug 12, 2022 · As of 17 July 2022, GST was applicable on the rent of a commercial property but, from 18 July 2022, GST is being charged if such residence is rented or leased by a GST-registered person/entity. Accordingly, tenants now have to pay 18% GST on a reverse charge basis (RCM).
Jul 25, 2022 · Understand the applicability, Reverse Charge Mechanism (RCM), and scenarios for GST on residential dwelling rentals. Stay informed about GST liability, ITC claims, and key considerations for individuals and businesses.
May 22, 2024 · What is Reverse Charge Mechanism? Typically, the supplier of goods or services pays the tax on supply. Under the reverse charge mechanism, the recipient of goods or services becomes liable to pay the tax, i.e., the chargeability gets reversed.
Jun 13, 2024 · 1. What are the new GST rates on the construction of residential apartments? Below are the new tax rates without ITC for housing projects applicable w.e.f 1st April 2019. Conditions to be satisfied for availing of the above rates: Input tax credit claim: ITC cannot be claimed.
