CBIC issues a corrigendum clarifying that “any property” will read as “any immovable property” in the GST Notifications that brings commercial property renting by unregistered persons to a registered person under the Reverse Charge Mechanism; To that effect, the phrase “Service by way of renting of any property other than residential dwelling”, appearing in Notification No. 09/2024-CT (Rate), Notification No. 09/2024-Union Territory Tax (Rate), Notification No. 09/2024-Integrated Tax (Rate), all dated October 8, 2024, will read as “Service by way of renting of any immovable property other than residential dwelling”; Thus, aligns with recommendations of 54th GST Council Meeting.
