Clipped from: https://www.taxscan.in/cbic-issues-corrigendum-to-gst-rcm-notification-on-renting-immovable-property-read-notification/449785/
In a significant update, the Central Board of Indirect Taxes and Customs ( CBIC ) has issued a corrigendum on October 22, 2024, to amend Notification No. 09/2024-Central Tax (Rate) regarding the reverse charge mechanism ( RCM ) for the renting of immovable property.
The corrigendum clarifies that references to тАЬany propertyтАЭ in the original notification should now read as тАЬany immovable property.тАЭ This correction follows the notification originally issued on October 8, 2024.
This change has been made across multiple sections of the Gazette to ensure consistency and proper interpretation of the law concerning the reverse charge mechanism for renting of immovable property under GST.
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The specific amendments are as follows:
1.Central Tax (Rate): At serial number 5AB, in column 2, line 12, тАЬany propertyтАЭ has been corrected to тАЬany immovable property.тАЭ
2.Union Territory Tax (Rate): At serial number 5AB, in column 2, line 13, the same correction has been applied.
3.Integrated Tax (Rate): Similarly, at serial number 5AB, in column 2, line 19, the corrigendum directs that the term тАЬany propertyтАЭ should be replaced with тАЬany immovable property.тАЭ
Be a GST Expert: Get Essential Questions, Key Judgements and Practical Guide, Click Here
These corrections are aimed at providing greater clarity for taxpayers and ensuring that the GST provisions relating to the renting of immovable property are properly understood and applied.To Read the full text of the Order CLICK HERE
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