K. G. (Professional) (68 Points)
25 June 2017Dear Experts,
Please help with the vaious compliance requirements for GST on immovable property with respect to the monthly, quarterly and annual returns and form to be submitted. The client has already done the registration and the rentals exceed the exemption limit of INR 20 Lacs.
Also are there any exemptions provided similar to service tax like exemption for municipal taxes paid were deducted from the rentals to compute tax.
Thanks in advance for the help!
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(163079 Points)
Replied 25 June 2017
No such deductions as the tax is charged over the amount of receipts, except ITC, if any.
But the tax is charged to tenants over and above the rental of the premises......... which after deduction of ITC is deposited to Governmental treasury............... so the load is not over landlord head
K. G.
(Professional)
(68 Points)
Replied 25 June 2017
Correct Sir, actually there was an exmeption under service tax for municipal taxes, hence i asked this question. Further could you please throw some light on the compliance and returns requirement under GST for rental income since nuder service tax only 2 returns were required in an year.
CAclubindia
