Ans: No, you are not required to get GST registration because your turnover is below 20 lakh. Renting of immovable property by Government– As per the notification if there is any government property that is being rented by Government or the local authority then services provided to any registered person under CGST Act then that registered person will have to pay GST on renting of immovable property on reverse charge basis. 6,00,000 (Charges per day is Rs. There is no service tax charged on renting of immovable property for residential purpose. 33/2017 – Central Tax (Rate), dated the 13th October, 2017 vide number G.S.R. Like HSN Code GST law obtained For SAC Code, its Service Accounting Code. For example; if the property is co-owned by two people then the limit is applicable to both. (i) renting of rooms where charges are one thousand rupees or more per day; (ii) renting of premises, community halls, kalyanmandapam or open area, and the like where charges are ten thousand rupees or more per day; (iii) renting of shops or other spaces for business or commerce where charges are ten thousand rupees or more per month. As per section 12(3) the place of supply shall be the place where the immovable property is located i.e. All Rights Reserved. 3/2018-CT(R)) - Renting of immovable property by govt. Before implementation of GST the land lord earning rent of more than Rs. A major regulation was included in the Goods and Services Tax (GST) Act on the generation of income from rent by renting or leasing immovable property to persons and businesses. For Renting of immovable property SAC code start with 9973. GST ON RENTAL INCOME. Under the GST regime the mechanism has changed completely for the benefit of property owners. Renting Of Commercial Immovable Property Renting of hotels, inns, guest houses, clubs, campsites or other commercial places meant for residential or lodging purposes having room tariff Rs.1000 and above but less than Rs.2500 per room per day are taxable under GST at 12% with full ITC. 10,000 per day. Where the location of immovable property is outside India then the place of supply shall be the location of the recipient. Regarding renting of immovable property your place of residence is place of supply. 11,000), Service of renting religious place at Rs. Accordingly, the same is taxable at 18% GST. 20 Lakhs. In the GST regime, the issue of ‘renting of immovable property’ is addressed in schedule II. Under GST, “renting of immovable property” is included in schedule II of CGST Act which defines it as the supply of services on which the GST rate is 18%. But after implementation of GST the taxable limit is increased to  20 lakhs also the taxability of rent depends on from which type of property it has been earned. The Karnataka Appellate Authority of Advance Ruling (AAAR), while upholding the order of AAR held that 18% GST is applicable on renting of commercial space in immovable property. Important Point to remember: GST on rent charged for immovable properties by the government or local authority to a registered person will be under Reverse Charge Mechanism. (ex: to a person not registered under GST). The Maharashtra Authority of Advance Ruling (AAR) in its recent ruling on the application filed by M/s Ashish Arvind Hansoti has ruled that the Input Tax Credit (ITC) cannot be claimed for the GST paid on input and input services used for the construction of the commercial property which is subsequently used for renting. Renting of immovable property for use in the course or furtherance of business or commerce is taxable under section 65 (105) (zzzz) of the Finance Act 1994. Renting of Immovable property is no exception to this new implementation. 10000 per day, Mr. X is a resident of Mumbai, Maharashtra and has provided Architect service to Mr. Y of New York (USA) taxable value of such supply is Rs. The Government or a local authority or a governmental authority is liable to pay tax on supply of services other than the services notified as exempt or notified as neither a supply of goods nor a supply of services under clause (b) of sub-section (2) of section 7 of the CGST Act, 2017. 13/2017- Central Tax (Rate), dated the 28th June, 2017, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 10 Lakhs had to pay service tax to the government on the taxable amount. Under Secretary to the Government of India. 10 lakhs then he has to pay service tax on such rental income irrespective of whether the property is used for residential purpose or commercial purpose. Schedule II of Section 7 of CGST defines Renting of Immovable Property as supply of Services By virtue of Section 9 (4) of CGST, GST on rent has to be paid under RCM by registered person, if the rent is paid by registered person to unregistered person.
Allen University Enrollment 2020, Florence Definition World History, 32-bit Coin Bloodstained, Lawyers In Middle Ages, Maac Basketball Tournament 2021 Bracket, Max Dog Scenes, Prosecute La Gì, Sherlock Season 2 Review, Santa Monica Jobs, Piatt And Barnhill Funeral Home, Courtney Cove Apartments, Hearthstone World Championship 2020 Odds, Usa Swimming Id,