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GST on rented income
I am having rental income above 20 lakh from four outlets.. my question is who have to pay gst .licensor or licensee ..in my agreement in tax clause clearly mentioned that The LICENSOR alone shall be liable to pay all present and future municipal taxes in respect of the LICENSED PREMISES excluding all oter taxs.
Replies (11)
Yes, as per section 7 of CGST Act rental is a supply, hence you are liable for registration. Your agreement can't overruled Act.
but Who will bare the taxs licensee or licensor
if registered Licensor if unregistered the licensee under Rcm
If aggregate turnover is less than Rs 20 lacs of licensor then GST on rent income will be levied or not??
RCM means
reverse charge mechanism
nut my question is still in answered.... Who will bare the taxs licensee or licensor
but my question is still unanswered *
As a licensor If your Aggregate Turnover is less than 20 lakhs then you need not to take registration nor you can collect tax. But if licensee is registered he has to pay tax under RCM, if unregistered no need to pay tax.
your rental income is above 20 lacs, so u are required to take registration and pay taxes.
sir I WANT TO KNOW HSN CODE FOR MUTUAL FUND DISTRIBUTOR TO REGISTER GST NO. SO PLEASE PROVIDE HSN CODE
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