GST for rent
I hear that GST is applied for receiving rent. Now, the owner has 3 taxes to pay - GST, Income Tax and Property tax. Too much... government wanted to take 60-70% of the money of property owned by individual. Not right. Once can say, charge the tenant. But tenant is not willing to increase rent by 18%. Either government should not have GST for rent or they should not apply income tax on rent received. more
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Rental income received from a residential house is exempted from GST. But if the building has been rented for commercial purpose and if the rent is more than Rs20 lakh annually then GST has to be paid more
Sep 24
Government is behaving like person taking out all the eggs at the same time. Kudos to all the advisors who give such advice probably because they get everything free without any tax. Governments do not have any planing for increasing the resources except the easier route to increase the taxes. In my opinion this is the root cause of all corruption or corrupt practices. I agree with the proposal but afraid that authority would either refuse or turn blind against the proposal. more
Sep 24
Dear Sabhapathy. The owner of the Building need not pay GST. Check the following. 1 Is your house given to an individual for residential purpose-If YES-Then NO GST 2. Is your house given to a GST Registered Dealer? if YES then GST to be paid by tenant on RCM 3. Is your commercial space given for rent to Unregistered dealer? If YES.check Whether Rent is Less than Rs.20.00 lacs annually-IF YES then NO GST 4. Is your commercial space given for rent to Unregistered dealer? If YES.check Whether Rent is Less than Rs.20.00 lacs annually-If NO then you need to charge GST and Tenant has to give you GST. 5. Is your commercial space given to registered Dealer-If YES ,NO GST for you but GST shall be payable by RCM by Tenant. So in any case you do not have any expenses.Only in case 4 the tenant may object.But NO other option,the tenant has to pay it more
Sep 22
Mr. Saba Pathy GST on rent is applicable for the rent received from commercial property or commercial use of residential property. GST is to be recovered from the tenant, hence there is no tax to be borne by the landlord. The GST paid by the tenant can be claimed as input tax credit by the tenant in his outward supply liabilities. - CA Ashok Malhotra - 9313888859 more
Sep 21
