REGARDING GST ON COMMERICIAL PROPERTY
This query is : Resolved
17 November 2024
LANDLORD UNREGISTER
TENNAT: REGISTER
MONTHLY RENT PAID 20000 RS PER MONTH
ANNUAL RENT 240000
NOW RCM APPLICABLE ON TENNAT
RCM ON 20000 * 18%=
OR 20000 INCLUDING RCM
CONFUSED
TENNAT: REGISTER
MONTHLY RENT PAID 20000 RS PER MONTH
ANNUAL RENT 240000
NOW RCM APPLICABLE ON TENNAT
RCM ON 20000 * 18%=
OR 20000 INCLUDING RCM
CONFUSED
17 November 2024
When rent paid is 20K RCM will be 20000 * 18%.
17 November 2024
240000 limit not deduct of tds
now we are liable to deduct tds as per income tax law sir
now we are liable to deduct tds as per income tax law sir
17 November 2024
No. As per IT act you are exempted to deduct TDS till the said limit. GST paid under RCM is not included in rent.
Moreover you can claim back the GST amount by ITC claim in the same month.
Moreover you can claim back the GST amount by ITC claim in the same month.
17 November 2024
WE ARE COMPOSTION PERSON
SO WE CANT CALIM ITC BUT SHOP RENT PAID UNDER RCM
AS ABOVE U SAID RCM AMOUNT NOT INCLUDED IN RENT
FOR ALL ALL TAXABLE PERSON SIR OR ONLY REGULAR TAXABLE PERSON BECAUSE COMPOSTION PERSON NOT LIABLE TO CLAIM ITC
SO WE CANT CALIM ITC BUT SHOP RENT PAID UNDER RCM
AS ABOVE U SAID RCM AMOUNT NOT INCLUDED IN RENT
FOR ALL ALL TAXABLE PERSON SIR OR ONLY REGULAR TAXABLE PERSON BECAUSE COMPOSTION PERSON NOT LIABLE TO CLAIM ITC
17 November 2024
Yes, composition dealers cannot claim ITC, hence it is extra burden to them. But it is not rent and hence you are not required to deduct TDS over the rent paid to shop owner.
18 November 2024
THANKS SIR FOR VALUEBLE INFORMATION
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18 November 2024
You are welcome.
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