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Renting of commercial property - A crazy puzzle under GST!! (From the perspective of 54th GST Council Meeting) | #gst #commercial property #rent #taxability #ca #knowledge

Renting of commercial property - A crazy puzzle under GST!! (From the perspective of 54th GST Council Meeting)

The 54th GST Council recommended applying RCM to renting commercial property from unregistered to registered persons to prevent revenue leakage. This raises questions about property definitions and past cases, with a CBIC Notification still awaited.

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To address revenue leakage, the 54th GST Council meeting on September 9, 2024, recommended applying the Reverse Charge Mechanism (RCM) to the renting of commercial property by unregistered persons to registered persons. This proposal raises key questions about the definitions of 'property' and 'commercial property' and its impact on past cases, as GST is currently not applied in such transactions. This article reviews these concerns.
Note: Based on the 54th GST Council Meeting press release; CBIC has not yet issued a formal Notification.