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Do much more than verifying HSN/SAC codes with ClearTax GST, India's most trusted billing and GST solution where reconciliation is made easy through intelligent inbuilt validations and tools. Calculate monthly Pension & Tax Benefits through Cleartax NPS Calculator
Dec 20, 2022 · GST @18% is applicable on the renting income. However, it is important to go through exemption notification no. 12/2017- Central Tax (Rate) dated 28th June 2017. Notably, sr. no. 12 of the said exemption notification covers entries relating to renting of residential property which is reproduced hereunder for ready reference –.
Dec 3, 2023 · Office Rent HSN Code under GST: The HSN code for office rent is 210 and also falls under Chapter 99 - "Other Services." This code is specifically used for services related to the renting or leasing of commercial office spaces. HSN Code 170 | 18 vs. HSN Code 210 | 19. 1.
Apr 28, 2023 · A: The HSN code for rent is a system of classification used for goods and services under the GST regime, while the SAC is used for services. The SAC for rent is 997211 for residential property and 997212 for commercial property.
Use ClearTax HSN Calculator to find out the HSN code for your product. Our ClearTax GST Software has all the HSN codes inbuilt. You need to select the items you sell only once in the Item Master. Once you are done, your HSN code will be automatically populated in all your invoices and returns.
Feb 21, 2023 · GST paid on lease rent is eligible for ITC, as it is not covered in the list of blocked credit u/s 17 (5). GST rates on lease transactions. Note : Please refer Exemption Notification No. 12/ 2017-Central Tax (Rate), Dated 28-06-2017 and RCM Notification No. 13/ 2017-Central Tax (Rate), Dated 28-06-2017 as amended from time to time. ***** Author CA.
Feb 2, 2024 · Tax Implications on Rental Income. For businesses in the rental sector, the HSN code for rent plays a pivotal role in determining the applicable tax rates. Typically set at 18%, the Goods and Services Tax (GST) applies to various rental services, encompassing property, machinery, and vehicles.
