WebSep 12, 2024 · Most welcome. if i am paying a 20000 rent then i want to deduct gst @ 18% from the rent paying is that right or on behalf of landlord i need to remit separate 3600 to tax dept. if a registered dealer pay shop or gowdown rent to unregistered dealer rs.10000/- P.M, in this case, provision of GST exempt for supply received from unregistered ... WebYes, you will have to charge GST in reverse charge. Tax rate is 18%. Yes, you need to declare this is GSTR 2. Further, you will also need to report payment voucher number and invoice number for the RCM transactions in GSTR 1. Please feel free to call/ revert in case you need more clarity. Thanks and regards Abhishek Dugar CA CS B.Com Abhishek Dugar
State and Local Sales Tax Rates, 2024
WebRenting of shops or other spaces for business or commerce where charges are Rs 10,000/-or less per month In all other cases, GST at the rate of 18% shall apply on the taxable value and the GST shall treat the rent as a taxable supply of service. GST Registration for Landlord WebGST and commercial property. Find out how goods and services tax (GST) applies to commercial property. Find out what your GST obligations are if you buy, sell, lease, or supply commercial residential property. If you sell, lease, or rent commercial property, consider you GST obligations like methods of purchase and GST credits. dr samreen raza
GST on residential rent under RCM - taxguru.in
WebFeb 14, 2024 · GST tax: The GST tax exemption amount, which can be applied to … WebThe tax rate applicable for rents income A person composite scheme registered in the GST act maintained a medical shop. 1.sales of medicines turnover from April to December 2024 Rs.25,00,000/- and composite tax Rs.25000/- 1% paid. 2. Same person income from commercial rent for the shop. April to December 2024 Rs.45000/- rent received. WebApr 12, 2024 · rental or leasing services concerning industrial, commercial or other non-residential buildings or property by owners or leaseholders, such as factories, office buildings, warehouses, theatres, convention centres, exhibition halls and multiple-use buildings that are primarily non- residential; agricultural, forestry and similar properties. dr sam romano madison nj