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Payment of rent
if any payment as rent is made to unregistered person for shop used for business purposes then what's the treatment of it in Gst as well as income tax.
Replies (10)
Quick Summary
As land Lord is unregistered there will not be any ITC eligible under GsT and under income tax it would be an business expense to be chatged to P/L account.
Is rcm applicable on rent Under Gst.
No RCM not applicable for Rent under GST
It Will be treated as business expense nothing else and tds is to be deducted on this amount
Tds is applicable if the amt exceeds the threshold limit
If actual rent is 20k but in rent agreement it is mentioned as 14k per mth
When you rent out a residential property for residential purpose, it is exempt from GST. Any other type of lease or renting out of immovable property for business would attract GST at 18 %, as it would be treated as a supply of service.
tds applicable if rent excess 240000 per annum.
tds applicable if rent excess 240000 per annum.
Then itc can be claimed or not in Gst return.
In your case supplier is unregistered person so he would not charge gst to avail ITC. therefore you cannot claim
OK thank u dear.
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