Master in Accounts & high court Advocate
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Posted on 11 October 2024
Based on the notification, RCM (Reverse Charge Mechanism) is applicable for rent on non-residential properties, effective 10/10/2024. Since you paid warehouse rent on 09/10/2024, for the month of October 2024, you are not liable to pay RCM for this specific payment. Here's why: - The RCM notification is effective from 10/10/2024. - Your payment was made on 09/10/2024, which is before the effective date. - The rent is for the month of October 2024, but the payment was made in September, so it falls under the old rules. However, keep in mind that from November 2024 onwards, RCM will be applicable for rent on non-residential properties, including warehouse rent. Ensure you factor this in for future payments. Please consult a tax professional or expert to confirm this interpretation and ensure compliance with GST regulations.