A commercial property owner (a NRI) received Rental Income (from a GST registered tenant) of Rs. 25 lakhs & Rs. 34 lakhs in FY 21-22 & 22-23 respectively. Also, he is continuously receiving monthly income in FY 23-24. He not collected GST on these rental income as he is not yet registered as taxpayer under GST Act. (because he was unaware about his liability to register under GST). The Commercial property is in India.
Now, he wants to be registered under GST & is ready to pay the GST on previous two year’s Rental Income from his own pocket to comply with the GST Law. (the tenant is not ready to pay GST for previous year periods due to non-availability of ITC to tenant).
Query:
- Once Owner is registered under GST, how to pay GST on previous two year’s rental Income? Either through DRC-03 or GSTR-3B?
- Apart from GST Tax & Interest liability, how much penalty to be paid for above violation?
- Any other alternate solution on above violation of not registering under GST Act?
CAclubindia
