GST on Renting of Immovable Property: Applicability, Exemptions ...
Sep 23, 2024 · Under Section 7 of the CGST Act, 2017, the renting of immovable property is considered a supply of services, taxable under GST. The applicability of GST is differentiated based on: Commercial Properties: Taxable at 18% GST. Residential Properties: May be exempt or taxable depending on the nature of use. 2.
Key TDS Changes Effective from 1st October, 2024 - Tax Guru
Sep 27, 2024 · Amended Provision: The TDS rate shall be reduced to 0.1% from 1% with effect from 01/10/2024. 10. Extending the scope of Applicability of lower TDS / TCS on Purchase of Goods. Certificate under Section 197 for lower TDS / TCS was not applicable for Sections 194Q (TDS on payment for purchase of goods) and 206C (TCS on receipt of sale of goods).
GST on renting of residential and commercial property - Tax Guru
Oct 10, 2024 · As per Entry No. 5AA of Notification No. 13/2017-Central Tax(Rate) dated 28-06-2017, Service by way of renting of residential dwelling by ANY PERSON to a registered person is subject to Reverse Charge Mechanism (‘RCM’).This entry was applicable w.e.f. 18th July 2022. The above entry implies that the registered recipient, availing services of renting of residential property, is supposed to ...
Govt notifies GST effective dates of 44 Changes in GST Law
Sep 30, 2024 · The Ministry of Finance, via Notification No. 17/2024–Central Tax dated September 27, 2024, has notified the effective dates for 44 changes in the Goods and Services Tax (GST) law under the Finance (No. 2) Act, 2024. Key provisions, including sections 118, 142, 148, and 150, will take effect from September 27, 2024, while sections 114 to 117 ...
How to calculate Net Profit For CSR Under Section 135, 198 & CSR …
Jan 30, 2024 · Delve into the nuanced world of calculating Corporate Social Responsibility (CSR) net profit under Section 135, Section 198, and prescribed rules for the fiscal years 2022-2023, 2021-2022, and 2020-2021. This comprehensive guide navigates through the intricate components, including NPAT, credits, deductions, and exclusions, shedding light on ...
GST Amnesty Scheme under Section 128A (Eligibility and Procedure)
Oct 13, 2024 · Section 128A (1) specifies the following three categories of persons as eligible persons for the waiver scheme: Any person who is liable to pay a tax chargeable in accordance with. a. A Show Cause Notice u/ss. 73 (1) or a statement u/ss. 73 …
New Slabs of Income Tax For Assessment Year 2024-25 And 2025 …
Sep 22, 2024 · Starting from AY 2025-26, further relief is provided, including an increase in the standard deduction to ₹75,000 for salaried individuals and ₹25,000 for family pensioners. Tax slabs for AY 2024-25 and 2025-26 under the new regime vary, with tax rates starting at 5% for incomes above ₹3,00,000. However, opting for this regime disqualifies ...
GST on Renting Immovable Property: Rules and Exemptions - Tax …
Sep 27, 2024 · 2. Renting of residential property. Earlier renting of residential property for residential purposes was exempted from GST vide Notification No. 12/2017 – Central Tax Dated 28 th June, 2017, whether the service recipient is registered or not. But from 18 th July, 2022 vide Notification No. 04/2022 – Central Tax Dated 13 th July, 2022, if a residential property is given to registered person ...
TDS under GST on Metal Scrap: Notification No. 25/2024-Central Tax
Oct 14, 2024 · Summary: The Ministry of Finance issued Notification No. 25/2024-Central Tax on October 9, 2024, amending the earlier Notification No. 50/2018-Central Tax to clarify the Tax Deduction at Source (TDS) provisions under Section 51 of the CGST Act, 2017. This amendment broadens the scope of TDS by including registered persons receiving metal scrap ...
Compilation of GSTR 1 due dates along with relevant extension …
Jun 5, 2024 · The due dates for filing GSTR-1 are typically the 10th, 11th, or 13th of the month following the end of the reporting period, depending on the taxpayer’s turnover and whether they opt for monthly or quarterly filing. Relevance of GSTR 1 GSTR-1 serves as the basis for recipients to claim Input Tax Credit. The details provided in GSTR-1 by the ...