GST on Notional rent

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....ST on Notional rent<br> Query (Issue) Started By: - kamalakara ks Dated:- 17-9-2017 Last Reply Date:- 25-9-2017 Goods and Services Tax - GST<br>Got 6 Replies<br>GST<br>Industrial building given on lease basis . Lease amount is &#8377; 600 lacks interest free deposit which is refundable after the expiry period of 6 years . No monthly rent . How valuation of rental income for the purposes of GST pay....

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....ment . How GST invoice to be issued. How tenant take GST credit as he is not paying monthly rent . Reply By Rajagopalan Ranganathan: The Reply: Sir, According to Section 7 (1) (a) of CGST Act, 2017 &quot; the expression "supply" includes all forms of supply of goods or services or both such as sale, transfer, barter, exchange, licence, rental, lease or disposal made or agreed to be made for a c....

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....onsideration by a person in the course or furtherance of business.&quot; Normally whatever amount you earn by investing &#8377; 600 lakhs will be treated as deemed rent and on this amount you have to pay gst. However you seek the assistance of a Cost Accountant to calculate the deemed rent accrued to you. Reply By Himansu Sekhar: The Reply: Open market value, Reply By MARIAPPAN GOVINDARAJAN: T....

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....he Reply: I endorse the views of Shri Ranganathan. Reply By Himansu Sekhar: The Reply: There is no scope of credit as you are not raising any invoice . valuation will be done as per valuation rules. Reply By kamalakara ks: The Reply: Thanks to all ,but question is how tenant can take credit on notional rent . The land lard will pay GST on market value of rent , How Invoice to be raised. in ca....

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....se land lard issues a invoice ,can tenant can take credit as he is not accounting notional rent in his books of accounts Reply By Ramaswamy S: The Reply: Dear Sir, Treat as advance. Prepare Receipt Voucher and charge GST. When the Amount is returned, prepare Refund Voucher and the tax is refunded. No credit is allowed. Regards S.Ramaswamy<br> Discussion Forum - Knowledge Sharing ....