A Person is levying GST on commercial rental income. Is there any way he can save net GST payment by booking ITC on eligible purchase or any other way to save GST?
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SAVE GST ON RENTAL INCOME
Replies (2)
Yes you can.
No .. as per Section 17(5) ITC on any inward supply in regard Immovable is block .
so you cannot adjust any ITC in this regard.
Note : There is Hon'ble Supreme Court The Judgments is pending in case of M/s Safari Retreats Pvt Ltd . If it is given in favour of Assessee then ITC will be available on inward supply in regard to Immovable property.
so you cannot adjust any ITC in this regard.
Note : There is Hon'ble Supreme Court The Judgments is pending in case of M/s Safari Retreats Pvt Ltd . If it is given in favour of Assessee then ITC will be available on inward supply in regard to Immovable property.
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