RCM
This query is : Resolved
Quick Summary
21 December 2020
Please tell me the whether the GST is applicable on the renting of the movable properties like plant & machineries, computers, furniture etc…..
21 December 2020
Yes, GST applicable on such rental income.
22 December 2020
IF I TAKE A MACHINE ON RENT FROM UNREGISTERED PERSON ,CAN I LIABLE TO PAY RCM ON MACHINERY RENT? please specify with relevant provision?
22 December 2020
Yes the activity is liable to tax under HSN 9973 as Leasing or
rental services -"Transfer of the right to use any goods for any purpose (whether or not for a specified
period) for cash, deferred payment or other valuable consideration" and rate of tax "same as rate of good on it sale".
The entire query is again subject to registration limit under GST
rental services -"Transfer of the right to use any goods for any purpose (whether or not for a specified
period) for cash, deferred payment or other valuable consideration" and rate of tax "same as rate of good on it sale".
The entire query is again subject to registration limit under GST
23 December 2020
RCM not applicable for these services.
23 December 2020
WHY? RCM NOT APPLICABLE ON MACHINERY RENT PAID TO UNREGISTERED PERSON
23 December 2020
RCM applicable only on selected items. This rent does not fall under the list.
23 December 2020
SIR, can you please share the RCM Applicability List in FY 2018-2019
23 December 2020
See the link.
https://taxguru.in/goods-and-service-tax/reverse-charge-mechanism-rcm-list-gst.html
https://taxguru.in/goods-and-service-tax/reverse-charge-mechanism-rcm-list-gst.html
29 December 2020
If I purchased an Asset worth Rs.100000/- for office they charged GST of Rs.5000/- in the bill.
Clarification:-
1. Shall we take input tax credit of this GST paid
2. After taking credit shall we able to claim Depreciaton on this Asset. ? in which amount ? ( including of GST or excluding of GST)
PLEASE SPECIFY WITH PROVISION FOR REFERENCE
Clarification:-
1. Shall we take input tax credit of this GST paid
2. After taking credit shall we able to claim Depreciaton on this Asset. ? in which amount ? ( including of GST or excluding of GST)
PLEASE SPECIFY WITH PROVISION FOR REFERENCE
29 December 2020
1 Yes , ITC can be claimed.
2 Depreciation can be claimed excluding GST.
2 Depreciation can be claimed excluding GST.
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