Gst on residential rent with effect from 18/7/2022
This query is : Resolved
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
Pl clarify new rules regarding this?
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.
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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
Only now onward; i.e. from 18/07/2022, from when the amendment to the act applies.
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
We are unable to understand how to show all the get which is in my personal name. A explanation from your end will help us a lot.
19 July 2022
We need to know the process how to show this residential rental to the proprietorship firm for RCM GST PURPOSES.
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
But I am paying rent for my residential stay. This rent paid by me is not income for me. It is expense for mr
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.
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.
19 July 2022
Yes you are right but unnecessary paper work will increase
20 July 2022
In this computerized age, addition of one more entry per month will be negligible.
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