As per notification 09/2024 central tax rate, dated 08/10/2024, rcm is applicable w. e. f. 10/010/2024 for commercial property rent paid to unregistered person by registered person.
we are registered person and paid rent on 09/10/2024 to unregistered person.
Can we are liable to pay rcm for oct. 24 rent payment
RCM is applicable for commercial property rent paid to unregistered persons by registered persons, as per the notification 09/2024 central tax rate, dated October 8, 2024, effective October 10, 2024 ¹. Since you paid rent on October 9, 2024, RCM will not be applicable for that payment ¹. However, for your October 24 rent payment, you will need to pay RCM, as it falls after the effective date ¹.
Please note that RCM is applicable only for commercial properties and not for residential properties ¹. Also, the landlord is not required to worry about GST applicability, as the entire GST liability is mounted on the registered tenant under the reverse charge mechanism ².
I hope this clears up any confusion. If you have any more questions or concerns, feel free to ask!
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