- New GST rule for businesses renting non-residential properties as of October 10, 2024
- Reverse Charge Mechanism applies when renting from unregistered supplier
- Affects commercial properties like offices, shops, warehouses, and industrial spaces
- Aim is to reduce revenue leakage and ensure tax compliance in commercial rental sector
- Registered recipient now responsible for paying GST directly to government
- Steps to comply include updating agreements, verifying supplier status, and adjusting bookkeeping
- Consult tax professionals to ensure compliance and avoid penalties
- Input Tax Credit can still be claimed under usual GST conditions
- Example: ABC Ltd. renting a warehouse from unregistered owner must pay GST and claim Input Tax Credit
- Businesses should review agreements and align accounting processes with new rule for compliance.
Source: podatki.gazetaprawna.pl
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
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