On what rule says in regard to GST on rent of residential property, Mahesh Jaising, Partner, Leader – Indirect Tax at Deloitte India said, “Renting of residential dwellings up to 17th July 2022 was exempt regardless of the status of the tenant i.e. whether the service provider or service recipient is registered or unregistered. This meant that renting of property for residential purposes was exempt for all. However, w.e.f. 18th July 2022, a tenant who is registered will become liable to GST on renting for residential purposes under the reverse charge mechanism.”
Source: biteofmillionaire.com
Latest Posts in "India"
- CBIC Clarifies EPR Registration Verification for Importers of Plastic Packaging
- Tripura and Karnataka High Courts Clarify GST ITC and Refund Rules
- Supreme Court Rejects Centre’s Plea to Restore ₹363 Crore GST Demand on Vodafone Idea
- RCM Liability, Revenue Neutrality, and Penalty Upheld Under CGST and IGST Acts
- GSTN Enables Appeals Against NIL or Zero Demand Orders
