Since the times GST has come into picture, there is lot of confusion about it. To avoid receiving any GST notice, it is important that you are well aware of the tax rates and complications involved in this system. In this post, GST on rent in India has been discussed to bring more clarity on the subject so that you can manage your rental income as a landlord and pay the right amount as rent as a tenant.
The first and the foremost thing we must understand is that the GST rate for rent is 18%. GST on rental income from commercial property and residential property is not same. This means that GST on rent paid on commercial property is 18% and residential properties have been exempted from this taxation. Therefore, a residential property that is used for residential purpose will only be exempted from GST and the residential property which is not used for residential purpose. For example, if it is a residential property which is being used as an office then in that case the GST will be levied at 18% and otherwise it will be tax-free.
There are different rent limits that affect the GST on rent payments:
Read Also: FAQ on E commerce under GST
So always keep these points in mind as a landlord and also as a tenant to keep things smooth and in synch with GST rules and regulations.
GST Applicable on Freelancers, Service Providers, YouTubers, Bloggers
When a mother writes a parole support letter to the members of the parole board…
It is common to see cheating at place of work. One would come across a…
Whenever a family writes a parole support letter for the offender, it makes a difference.…
Living in the campus has its own pros and cons. There can be various reasons…
A parole support letter is a letter that is written either by the incarcerated person…
In some cases, courts choose to sentence a defendant a probation over sending them to…