1. Introduction :-
According to the GST Act, renting or leasing out an immovable property would be treated as a supply of services as per section 7 of the CGST Act, 2017.
From October 1, 2024 onwards if an unregistered landlord renting out commercial property to a registered tenant, the Reverse Charge Mechanism (RCM) applies, where the tenant must pay the GST.
For residential properties, prior to July 18, 2022, renting for residential purposes was GST-exempt. Now, if a registered person rents a residential property for personal use, GST is applicable under RCM, making the tenant responsible...
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Author Bio
Sir rent on Poultry form is taxable supply or Exempted Supply please clarify according to Entry no 54(d) Notification No 12/2017 dated 26.6.2017 it clearly stated rearing of Birds animal except horse raring treated as Agricultural activities hence It is exempted but department issued SCN to pay GST @ 18% with Interest and Penalty for 2021-22. I submitted reply starting is exempted. Department rejected my reply. Sir kindly clarify.
As RCM is not applicable on transport of Exempted goods, As rates of RCM can not not be more than rate applicable on goods. Same shall alsi be applied for rent paid by dealer of exempted goods exclusively
Nothing said about a registered dealer who is exclusively engaged in supply of exempted goods only paying shop rent to a unregistered owner. As he is not entitled to take input credit or refund it should not be applicable. what if rent paid is @ 1000/- per month. May u clarify.
where to load RCM liability in getting property under rent and payments of rent? GSTR-1 whether self invoicing can be loaded ? whether loading in 3b straight will get input tax credit ? there is no space for details for loading in 3b
Yes, need to prepare self invoicing against tax paid on inward supplies liable under RCM and need to be show in table of document issued of GSTR-1.
Further such liability paid through GSTR-3B of table no. 3.1