19 July 2022
I am a gst registered person and paying rent of Rs1924/ for my resident. Will I have to pay reverse gst on rent from 18/7/2022.please clarify in details the notifications?
19 July 2022
As you are registered dealer, and taken residential unit on rent, you are liable to pay GST @ 18% on RCM, while you are eligible to claim ITC over it.
19 July 2022
This residential unit have been taken by me since 2019 and is in my personal name. How will I pay RCM charges? From which date I will be required to pay rcm charges? Please clarify?
19 July 2022
So rental bill is in my personal name and gst we are depositing in my proprietorship firms name. How will we show this in our books of accounts?
19 July 2022
Be clear that you as individual and or the proprietorship firm is one and single entity. The rental income is also one of the supply under same PAN. So, need not get confused as how the rental income be shown in firm's income. Just consider it under PAN & follow the compliance, as the case is in IT return.
19 July 2022
It is not under Income tax act. As per GST act, you are consuming rental service, so you need to pay GST. When ITC is allowed even for residential usage, you are not at any loss.
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