GST Applicability on Retrospective Rent Hikes: MTC Case Ruling

In re Metropolitan Transport Corporation (GST AAR Tamilnadu) AAR held that in case of upward price revision, a registered person will issue a supplementary invoice or debit notes within 30 days from the date of revision and such revision shall be treated as supply under GST Act and tax is payable under this Act. In the instant case we find that the applicant had entered into contract for provision of renting of immovable property services as seen from the lease agreement submitted by the applicant and now intends to revise the price upwards and issue supplementary invoices for the said supply ...