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On 24 October 2024 at 19:15:04
harinder
Sr. Excutive-Finance and accountsSir, Good Morning..
If we paid gst on renting of residential Dwelling property under RCM then what would be PoS and can we also claim itc on this transaction if the properly is being used by our company director or employees…. ??
I would be very great full to you if u could reply in your busy schedule…
Thanks in advance.
With warm regards,
Harinder KumarOn 25 October 2024 at 15:06:48prasad Nilugal
GST Practitioner & AccountsAs per section 12(2)(a) of the IGST Act ,POS will be location of the immovable property.
On 26 October 2024 at 08:59:13harinder
Sr. Excutive-Finance and accountsSir what about itc taking criteria??
can we claim itc or not?On 26 October 2024 at 21:34:27Marimuthu
ManagerYes, We can avail the ITC in the same month or in the next month , not beyond that.
On 27 October 2024 at 19:38:47harinder
Sr. Excutive-Finance and accountsSir, our gst consultant saying itc would be not allowed, since it is person expenditure and cover under block credit (17(5)
pls suggest further with help of gst provisions..On 28 October 2024 at 13:15:49Marimuthu
ManagerPl refer the Notification No. 05/2022-CentralTax (Rate)
New Delhi, dt13th July, 2022
On 29 October 2024 at 02:37:12harinder
Sr. Excutive-Finance and accountsSir, I am aware about this ๐ notification no 5/2022/ct(r), in the said notification, rcm is applicable of renting of residential dwelling, but it doesn’t say to take itc on it.
pls ๐ anyone suggest can we claim itc? if yes then what will be the ground for taking this itc as per gst law…
waiting for your valuable inputs in this ๐ regards
thanks in advance
harinder KumarOn 29 October 2024 at 22:23:07CS Advocate Abhishek Goyal
M Com FCS LLB M-AIMA1. Pos will be location of property so accordingly RCM will be payable under correct head.
2. RCM will be payable and ITC can be claimed once RCM is paid in cash like any other RCM, section 17(5) does not have any role here.
On 29 October 2024 at 22:55:27harinder
Sr. Excutive-Finance and accountsSir, sec 16(4) is also apply on itc on rcm, if we pay rcm on renting of car then its itc is block u/s 17(5)
so please๐ any one have any expert advise that whether itc can be claimed on renting of residential dwelling or not?
please๐ adviseOn 30 October 2024 at 15:30:58Rajendra Prasad
Employee PrivateAny expenditure reflecting in Profit and loss of a business entity shall only business expenditure for the purpose of furtherance of business. If rent paid for personal consumption shall not shown as business expenditure in any business entity.
On 31 October 2024 at 07:56:55harinder
Sr. Excutive-Finance and accountsSir, if all expenditure are eligible to take itc which are showing in business profit and lose, then why put condition in 17(5) w. r. t. personal consumption expenditure….. if we pay mediclaim policy amt for our employees then it is block under sec 17(5)
pls ๐ advise as per gst rules/provisions….
thanks in advanceOn 31 October 2024 at 18:29:06Rajendra Prasad
Employee PrivateMediclaim policy is for Health Insurance, a separate ITC restriction item in Section 17(5), that will not falls as personal expenditure.
On 31 October 2024 at 22:42:35harinder
Sr. Excutive-Finance and accountsOk…,then why put a separate condition in 17(5) w. r. t. personal consumption expenditure if in the business profit and lose, all expenditure are wholly for furtherance of business…
pls ๐ advise
thanks in advance -
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