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TMI Blogregarding excemption on rentX X X X Extracts X X X X X X X X Extracts X X X X ..... a government of india undertaking unit of factory engaged in the business of manufacturing at rae bareli collected rent of Rs-1,17,20,657/- from there employee on the residential facility provided to staff in the quatres(House) build for residential purpose and declared it in GSTR-3B as exempt supply. factory received SCN u/s 73 requiring to deposit tax on exempt supply. kindly advise it is ex ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... empt supply or taxable on the basis of RCM. - Reply By KASTURI SETHI - The Reply = What is the period involved ? - Reply By FARIDUDDIN AHMAD - The Reply = period involved is F.Y-2018-19 - Reply By KASTURI SETHI - The Reply = Are you sure it is rent ? Has this amount been collected from all employees ? What is the practice of such amount after 18-19 ? - Reply By KASTURI SETHI - The ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Reply = A Govt.of India undertaking unit does not fall in the definition of Govt. - Reply By Shilpi Jain - The Reply = If it is rent collected for the residential accommodation provided to the employees then there is an exemption available. GST is not liable - Reply By Shilpi Jain - The Reply = However, you should check whether the department is asking you to pay GST on the rentals or it i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s asking you to reverse proportionate input tax credit? - Reply By Shilpi Jain - The Reply = In case it is for reversal of credit, most probably the department would have taken the entire credit availed by the company and calculated the reversal. You should consider only the common credit for the reversal and any specific credit. If further clarity can be provided guidance can be given. - Rep ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ly By FARIDUDDIN AHMAD - The Reply = may be some outsider not an employee has also been provided residential facility on rent. i humbly request kindly let me know notification/circular for exemption on rent collected from staff and what will be the treatment if it has been collected from outsider - Reply By FARIDUDDIN AHMAD - The Reply = department has requested to reverse the common input cred ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... it as per rule 42 43 . - Reply By KASTURI SETHI - The Reply = Dear Querist, In order to save expert's time, query should be proper and correct in the first instance. The whole scenario has changed. - Reply By FARIDUDDIN AHMAD - The Reply = Sorry Sir. The SCN Issued is in respect of reversal of ITC As Per Rule 42 43 . I Need Clarification Regarding R ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eversal of Common Input in proportanate to exempt supply is applicable to our exempt supply related to rent collected from staff. - regarding excemption on rent - Query Started By: - FARIDUDDIN AHMAD Dated:- 10-2-2024 Last Replied Date:- 12-2-2024 Goods and Services Tax - GST - Got 11 Replies - GST - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Managemen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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