Gst rate for renting of immovable property(commercial shop)

Page no : 3

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (177896 Points)
Replied 20 July 2017

@ Amit Amin:

1. Yes

2. No....... just receipt....... but you have to enter the transaction i.e. self invoicing..

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Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (177896 Points)
Replied 20 July 2017

@ Murali....

GST rate on rental services of commercial space is 18%.

If land lord is registered........ he will charge GST over and above rent......... and pay it to government........ otherwise, receipant (if registered) has to pay under RCM

Now for regular dealer return filing is monthly....... and for composition dealer its quarterly.

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (177896 Points)
Replied 20 July 2017

@ Pawan: You are correct.....

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (177896 Points)
Replied 20 July 2017

@ Rupinder Kaur:: Yes, if you are registered under GST........ & of course, ITC is available

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (177896 Points)
Replied 20 July 2017

@ Himanshu Dembla:

I think it is exempted service under........

Se. no 4(iv) ::renting or leasing of agro machinery or vacant land with or without a structure incidental to its use;

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pawan (accountant) (62 Points)
Replied 22 July 2017

Sir, we have two different agreements with our tentant. One for rental and another for facilities. HSN code for rental is 997212. so what will be HSN code for facilities bill?

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (177896 Points)
Replied 22 July 2017

997323

Leasing or rental services concerning furniture and other household appliances

997329

Leasing or rental services concerning other goods

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (177896 Points)
Replied 22 July 2017

997329

Leasing or rental services concerning other goods

997325

Leasing or rental services concerning household linen.

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (177896 Points)
Replied 22 July 2017

997321	Leasing or rental services concerning televisions, radios, video cassette recorders, projectors, audio systems and related equipment and accessories (Home entertainment equipment )
997322	Leasing or rental services concerning video tapes and disks (Home entertainment equipment )
997323	Leasing or rental services concerning furniture and other household appliances
997324	Leasing or rental services concerning pleasure and leisure equipment.
997325	Leasing or rental services concerning household linen.
997326	Leasing or rental services concerning textiles, clothing and footwear.
997327	Leasing or rental services concerning do-it-yourself machinery and equipment
997329	Leasing or rental services concerning other goods

Riz.CAclub (TAX Consultant) (32 Points)
Replied 23 July 2017

Sir, I have commercial property. Which is given to bank with rent of Rs. 1,10,000 per month. I had Service Tax No. Now I migrate from Service Tax to GST. Now my turnover of rent is less than Rs. 20 lacs. I haven't any turnover except rent of immovable property. Now we need to pay GST @ 18% on Rent for the Month of July which will be receive on The Month of August. Bank give us Service Tax amount earlier. Now bank say that no need to pay GST. Bank deducted TDS @ 10% on Rent. Now please clarify me for GST applicable or not. I am from MUNDRA KUTCH

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Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (177896 Points)
Replied 23 July 2017

GST not applicable to you because of turnover limit; you may get cancelled your registration, as soon as it is open for same.

Though the GST is applicable over bank under RCM, which bank find it convenient..... for getting ITC over the same.

10% TDS deducted........ can be claimed back (after deduction of tax liability) by filling IT return........

Good luck......

Murali (software engineer) (79 Points)
Replied 25 July 2017

Sir - Can you help me with good software to invoice, pay GST online, file returns? As I mentioned I only have one commercial property on rent for which I need to manage all this. Every software seems too complcated focussing ITC, debt notes etc. I am also ok someone can take care of this for nominal charges.

Regards,

Murali

Tapas Chakraborty (2 Points)
Replied 25 July 2017

Dear Sir,

We letout our commercial building to 6 privet sectors & one Govt. Sector. Monthly rental income from that property is 2.5 lakh. We are five co-woners.So, 50,000/- each. Now please tell us is GST apply for this transaction or exemption under the category of below 20 lakh per year?