Service tax on rent of immovable property
This query is : Resolved
CA Priyanka A Mundada
(Querist)
05 August 2015
if an individual is collecting rent on immovable property...
the receipt from such rent will exceed rs 10 lacs during the fy 2015-16. how will be the service tax liability?
whether he is liable to collect and pay ST from 1st Qtr or he will be liable for collection and payment after such receipt exceeds 10 lacs?
Eg Receipt from rent for FY 15-16 is 1030000
on how much amt he is liable to pay and collect ST
the receipt from such rent will exceed rs 10 lacs during the fy 2015-16. how will be the service tax liability?
whether he is liable to collect and pay ST from 1st Qtr or he will be liable for collection and payment after such receipt exceeds 10 lacs?
Eg Receipt from rent for FY 15-16 is 1030000
on how much amt he is liable to pay and collect ST
Amol S Joglekar
(Expert)
05 August 2015
He can start charging the service tax as per the agreement between the landlord and tenant.
He can avail the BASIC exemption for the first year ONLY. So he can start paying service tax once the thresh hold limit is over.
He can avail the BASIC exemption for the first year ONLY. So he can start paying service tax once the thresh hold limit is over.
CA Priyanka A Mundada
(Querist)
05 August 2015
actually the case is like...
from april to june collected rent without ST ... bt from july we used to collect ST on rent..bt as receipt is below 9 lacs, no registration upto july..
now even though recipt is below 9 lacs and we collected st ...we took registration..(registration after collection of st).....
will it attract any penalty for collection of st before registration
from april to june collected rent without ST ... bt from july we used to collect ST on rent..bt as receipt is below 9 lacs, no registration upto july..
now even though recipt is below 9 lacs and we collected st ...we took registration..(registration after collection of st).....
will it attract any penalty for collection of st before registration
Amol S Joglekar
(Expert)
06 August 2015
01. No, it wont attract any penalty.
02. The ST collected should be paid to GOVT whether you were registered under service tax or not.
02. The ST collected should be paid to GOVT whether you were registered under service tax or not.
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