WebJul 27, 2024 · Residential Dwelling - RCM and Registration: 1. Sec 24 (iii) is applicable if the person is liable to pay tax on RCM basis. The same provisions exist in the State GST Act. Thus, unless the person is not liable for RCM, Sec 24 will not be triggered. 2. WebJul 20, 2024 · Under the new goods and services tax (GST) rules, which came into effect on Monday, a tax of 18 per cent is now applicable to residential prop TO READ THE FULL STORY, SUBSCRIBE NOW NOW AT JUST RS 249 A MONTH. Subscribe To Insights Key stories on business-standard.com are available to premium subscribers only. Already a …
Only GST-registered tenants face rent tax - Times of India
WebJan 1, 2024 · Illustration-1: A company or firm (registered under GST) takes a residential dwelling on rent for the purposes of residence of employees, it will be liable to pay GST @ 18% under RCM and eligible to claim ITC of the tax so paid by it. WebJan 1, 2024 · The rules regarding renting residential property under GST had undergone changes from 18 th July 2024 due to a decision of the 47 th meeting of the GST Council. … lawton marketplace lawton
What is RCM in GST, Who is covered & penalty - CONSULTEASE.COM
WebApr 5, 2024 · Another possibility is the residential property is let out for commercial for purpose. If the residential property is let out for commercial purpose and landlords are registered person, they will charge GST @ 18% under FCM and if landlords are unregistered then Tenant need to pay GST on rent under RCM. Input Tax Credit: If the … WebJul 21, 2024 · "The recent decision by the GST Council to impose an 18% GST on residential properties rented to individuals who are registered under GST (mandatory … WebMar 29, 2024 · The applicant believes that renting a residential property to an individual who is registered, whether it is used for residential purposes or for any other purpose, … kashmere gardens complete community