Rcm. rent paid to partner


ACCOUNTANT

Sir,
In partner ship firm, office rent paid to partner 6000/- per month in 17-18. We can't pay any tax under rcm.
Now Rcm applicable in this issue.
Pls. Clarify
 
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"Do the Right Thing...!!!"

RCM applicable from 1st July 17 to September-17.
 
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The sec 9(4) of cgst,2017 has been suspended till mar 2019. So Rcm is not required to be paid.

And with regards to the Tax on rent..Your partner has to see whether his total turnover is exceeding the limit specified in the act. If yes,then he has to get registered and collect the tax on the rent from your firm and remit to the govt treasury...

Because in GST, firm and partner are different assessee. As Gst has got pan based registration.

Conclusion: the firm is not required to pay any tax for the time being.

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ACCOUNTS PROFESSIONAL

The RCM on 9{4} was applicable from 1.7.2017 to 13/10/2017 & the Rent paid to partner is pertaing to this period , the RCM has to be deposit.
You can deposit now with interest .
 
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yes, Agreed with Pankaj Rawat.
 
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sir what is the GST rate and interest calculation
 
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ACCOUNTS PROFESSIONAL

5% & INTEREST IS 18%

 
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"Do the Right Thing...!!!"

Both are 18%... ...

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ADVOCATE

GST rate for commercial rent is 18%.

Interest for delayed payment is 18%

 
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ACCOUNTS PROFESSIONAL

sorry...thought GTA.

ITS 18% BOTH

 
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