GST ON RENTING OF COMMERCIAL SPACE
This query is : Resolved
15 May 2023
Dear Sir/Madam,
Ours is a Proprietorship concern and we are registered GTA. Our proprietor has rented out commercial space and raises the Rental Invoice under the GST number of our business i.e., Transportation of Commercial vehicles. Upto last financial year we were in RCM method and paid the GST charged to Tenants on monthly rent through cash. But for current financial year we have opted FCM. Now my query is whether can we set off the liability of GST payable which is charged to Tenants against the ITC of purchases made for GTA Business as rental income from renting out of commercial space does not form part of GTA business.
Thank you,
Ours is a Proprietorship concern and we are registered GTA. Our proprietor has rented out commercial space and raises the Rental Invoice under the GST number of our business i.e., Transportation of Commercial vehicles. Upto last financial year we were in RCM method and paid the GST charged to Tenants on monthly rent through cash. But for current financial year we have opted FCM. Now my query is whether can we set off the liability of GST payable which is charged to Tenants against the ITC of purchases made for GTA Business as rental income from renting out of commercial space does not form part of GTA business.
Thank you,
16 May 2023
No ITC can be claimed on rental income as it does not form part of GTA business.
16 May 2023
Thank you very much Sir
16 May 2023
You are welcome..
....
....
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- House Property Reporting in ITR
- Internship/Academic shown in Salary Pay Slip of a Doctor
- TDS Claim year
- Liable to deduct tds and 44ADA
- Nomination of Bank for refund in itr 2
- Section 56(2) of the Income tax Act 1961 , Gift to relative .
- Refund of 20%pre-deposit paid for stay application
- TDS Challan Code
- Rent lease agreement
- Relief u/s Section 89
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
