Service tax on rent
This query is : Resolved
20 November 2012
What are the current provisions after the negative list enactment in regard to service tax on rental income of immovable commercial property???
Is there any cap on the amount of rental income over which the service tax is to be charged, if any?
Is there any cap on the amount of rental income over which the service tax is to be charged, if any?
Jayant Bothra
(Expert)
20 November 2012
Dear Amit
The negative list specifically covers the renting of residential premises and not the renting of commercial premises.So, the renting of commercial premises is liable to service tax.
The cap of Rs. 10lakh which is available to a small service provider as per N/N 8/2008-ST; dated 01.05.2008 is applicable in this case also.
You can take the benefit of municipal taxes paid by adjusting the same against your rental income.
Regds
CA JAYANT BOTHRA
The negative list specifically covers the renting of residential premises and not the renting of commercial premises.So, the renting of commercial premises is liable to service tax.
The cap of Rs. 10lakh which is available to a small service provider as per N/N 8/2008-ST; dated 01.05.2008 is applicable in this case also.
You can take the benefit of municipal taxes paid by adjusting the same against your rental income.
Regds
CA JAYANT BOTHRA
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