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Commercial Property Rent

24 October 2021

Hi,

Assessee has Let out 5 Commercial Buildings to Pvt Ltd Companies

* But for only one company GST Bills are being issued by the Assessee

* Other companies GST Bills are not issued from past 3 Financial Years

But TDS has been deducted of all companies & reflecting in 26AS of all Financial Years

Does it will be any problem for GST Compliance

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5 Replies

Janak Shah (ca) (603 Points)
Replied 24 October 2021

There will be a problem with income tax and GST compliance. Since you are collecting GST from one company your Turnover as per GST returns and Income Tax return where you disclose income from all the three will vary. And it's mandatory to disclose GST number if you are filling anything other than ITR 1 & 2, so high chances that you will be served with a notice.

Veera Veera (253 Points)
Replied 24 October 2021

Assessee is showing under ITR-2 for all the Assessment Years until now.
Any issue further

Janak Shah (ca) (603 Points)
Replied 25 October 2021

Not really a issue, if you are okay with evading taxes.

vikash dwibedi (Finance) (160 Points)
Replied 25 October 2021

if your gross rent collection exceeds 20 lakh then you required to pay GST, as you are already registered under GST you are required to paid gst under inclusive method.