Renting of equipments/Tyres
This query is : Resolved
25 December 2020
SIR
We are trading tyres and spares items for Lorries/Trucks. Now, we have decided to start a new business for service motive that RENTING the tyres and other equipments to the small transporters under the contract / lease basis for a particular period. They will pay the rent against our service bills.
Doubtful Questions are,
1. Is it possible under GST Act?
2. Rate of GST applicable for this service?
3. Agreement should legally be registered or not?
4. If we pay GST by collecting it from the transporters against the service, Can it be adjusted by the inputs we have?
5. Can we take the inputs on the Retreading charges of tyres after the lease period?
6. Can we claim the depreciation if any?
Plz guide us. Thanks in adv
We are trading tyres and spares items for Lorries/Trucks. Now, we have decided to start a new business for service motive that RENTING the tyres and other equipments to the small transporters under the contract / lease basis for a particular period. They will pay the rent against our service bills.
Doubtful Questions are,
1. Is it possible under GST Act?
2. Rate of GST applicable for this service?
3. Agreement should legally be registered or not?
4. If we pay GST by collecting it from the transporters against the service, Can it be adjusted by the inputs we have?
5. Can we take the inputs on the Retreading charges of tyres after the lease period?
6. Can we claim the depreciation if any?
Plz guide us. Thanks in adv
25 December 2020
1.Yes
2.Same as applicable for sale of tyres
3.There is no need commercially but preferable.
4. yes
5.Yes, those which are not for stock in trade.
2.Same as applicable for sale of tyres
3.There is no need commercially but preferable.
4. yes
5.Yes, those which are not for stock in trade.
25 December 2020
Ok Sir
What is the percentage of tds to be deducted by transporters towards the payment if we are the partnership firm?
guide me sir
thanks in adv
What is the percentage of tds to be deducted by transporters towards the payment if we are the partnership firm?
guide me sir
thanks in adv
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
- About TDS & Income Tax
- Scrutiny and reopening of past returns
- PPF interest-As Exempt Income disclosure
- Pass word to open justification report for Q1 for FY 2026-27
- Section 194JA & JB Income which ITR Form to use
- Under construction property in ITR
- Building tax payment deduction in rental Income
- Booth for sales promotion
- Upload Level ValidationITR3Category of Defect B/D
- Rental income of jointly held property
- Indian IT Portal issue in computing tax as per UK-India DTAA
- F & O PROFIT REPORTING FOR AY 2026-27
- Capital Gains on sale of residential flat
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
