so we have to take permission form the bank & what is the procedure for the cancellation
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Gst on rent for property
Replies (3)
Just intimate about the same to bank that you are not required to be registered under GST.
If the rent agreement permits, bank may deduct 18% from your rent payment and pay to government under RCM. (though you can protest for that as the gst paid by bank will be reimbursed to bank from output GST)
Fate of the tax payers who have not migrated to GST from old ST/VAT is not clear.... so wait and watch.....
If the bank(tenant) i.e. the recipient is in another state than that of the supplier (landlord), isn't the landlord supposed to register under GST ?
And charge, receive and pay IGST as per rules ? It's an interstate supply, I believe.
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