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Service by way of renting of any immovable property other than residential dwelling., Goods and Services Tax - GST |
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Service by way of renting of any immovable property other than residential dwelling. |
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Sir, Now Service by way of renting of any immovable property other than residential dwelling is brought under RCM vide Notification No. 09/2024- Central Tax (Rate) dated: 8/10/2024. Queries are 01. What if Commercial rental income is exceeds Rs. 20 lakhs per year? 02. What if commercial property landlord is a non - resident individual? 03. Liability to register in Karnataka for commercial rental Income is Rs. 40 lakhs or 20 lakhs? Please advice Posts / Replies Showing Replies 1 to 2 of 2 Records Page: 1
The GST Act explicitly mentions that renting of immovable property for commercial purpose is a supply of service and taxable at a rate of 18%. However, small taxpayers with an annual aggregate turnover below Rs. 20 lakhs are exempt from GST registration. So liability to register is Rs. 20 lakhs and above per FY in respect of such service providers.
I concur with the views of Sh.Sadanand Bulbule, Sir. Bangalore State does not fall under Special Category. Refer Notification No.10/19-CT dated 7.3.19 as amended vide 354/25/2019-TRU dated 29-03-2019, Notification Nos. 3/2022-C.T. dated 31-03-2022 and 15/2022-C.T. dated 13-07-2022 Page: 1 |
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