Solved Queries
Q. 142 I am gst registered person and paying rent of Rs1924/ per month in cash to landlord. Bill is in my personal name. I received july 2022 bill in August 2022.How will I show in my books of proprietor ship firm residential bill? What will be the required journal entries? How much gst I am required to pay? Can I claim this gst? In which month should I claim? Please advise?
Ans. As per notification no. 05/2022- CT (R ) GST to be levied under reverse charge mechanism on services by way of renting of residential dwelling to a business entity only. No GST if it is rented to a private person for personal use, even if the proprietor or partner of the firm rents residence for personal use.
Q. 141 For whom HSN code is necessary, a person showing turnover below 20 lacs or 40 lacs. Is it mandatory for him to record HSN wise stock summary ?
Ans. In case of registered person having aggregate turnover up to INR 5 crores or above INR 5 crores in the previous financial year, the requirement of mentioning the HSN code is as under:
| S.No. | Annual Turnover in the preceding FY | Number of Digits of HSN Code |
| 1. | Up to 5 crores | For B2b supply -4
For B2C supply- 4 (optional) |
| 2. | More than 5 crores | For B2B and B2C supply – 6 |
Q. 140 While filing gst returns ask the bank account details even if submitted the bank account details ?
Ans. You are required to check your bank validation status on the GST portal.
