WebAug 13, 2024 · A company registered under GST has taken a property on rent from an unregistered person. The property is a residential property however the agreement … WebMay 27, 2024 · Meaning of ‘Legal Service’ under GST. Notification Not. 12/2024-Central Tax dated 28.06.2024 defines the following: ‘Legal Service’ means any service provided stylish relation to advice, consultancy or assistance inches any branches of law, in any manner and includes representational services before any court, tribunal or authorize. ‘Advocate’ has …
GST RCM on Residential Property from 18th July 2024
WebAug 12, 2024 · There was no GST on rent or lease of residential properties by corporate houses or individuals. As per the new rules, a GST-registered tenant will be liable to pay the tax under the reverse charge mechanism (RCM). The tenant can claim the GST paid under Input Tax Credit as a deduction. WebAug 12, 2024 · There was no GST on rent or lease of residential properties by corporate houses or individuals. As per the new rules, a GST-registered tenant will be liable to pay the tax under the... highwater
Impact of GST on Rent - ClearTax
WebOct 16, 2024 · GST on residential rent under RCM. Up to 17th July, 2024, there was no GST on rent of residential property but after this date government has levied the GST on rent of residential property under RCM (Reverse Charge Mechanism) subject to one condition i.e. … WebReverse Charge Mechanism under GST is a mechanism under which the usual cycle of tax payment is reversed. In the normal system, the recipient of goods will pay the value of the goods & relevant taxes on it to the supplier who then pays the GST to the Government. Under Reverse Charge, the recipient pays to the supplier an amount exclusive of GST ... Web1. Is your landlord registered under GST? Ans: Yes. Then you dont have any liability to pay GST under RCM. Your landlord is supposed to raise his rent invoice along with GST. Ans: … highwater aesthetics