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There might be potential confusion when businesses need to decide on the appropriate HSN code for their rental services. The choice between HSN code 170 and HSN code 210 depends on the type of property being rented out. Thus, you must classify rental services under the correct HSN code accurately to ensure proper tax compliance.
- GST on Renting of Residential Property
- GST Applicability on Renting of Residential Property from 18th July 2022 Onwards
- GST on Renting of Commercial Property
- Gist of GST Applicability on Renting of Residential and Commercial Property
Renting income in the case of residential property has undergone a drastic change with effect from 18thJuly 2022. Hence, in order to go through the entire scenario of GST applicability on renting of residential property, we need to bifurcate the same in the following two periods – 1. From 1st July 2017 till 17thJuly 2022; and 2. From 18thJuly 2022 ...
Based on the 47thGST council recommendation, the above position of GST applicability on renting of residential property is amended vide the following two notifications – 1. Notification no. 04/2022- Central Tax (Rate) dated 13th July 2022 – which amended the exemption notification no. 12/2017- Central Tax (Rate) dated 28th June 2017; and 2. Notific...
GST applicability on renting of commercial property is quite simple. Accordingly, GST is applicable @ 18% under forward charge on renting of commercial property. The scenario of GST on renting of commercial property is tabulated hereunder –
The following table summarizes the gist of GST applicability on renting of both residential and commercial property –
Apr 10, 2019 · Find the HSN code and GST rate for renting or leasing services of machinery, equipment and non-residential property in India. See the explanations, examples and discussions from GST experts and users on this forum thread.
Find out the HSN code for rental or leasing services involving own or leased non-residential property in India. Learn what HSN code is, how it works and how to use it for GST purposes.
Apr 28, 2023 · The HSN code for rent is crucial for businesses that provide rental services, as it determines the rate of tax applicable on the rental income. The GST rate for rental services is 18% for most services, including renting of commercial or residential property, machinery and equipment, and vehicles.
Search and Find HSN Codes, SAC codes & GST Rates of goods and services under GST in India. Under GST, tax slabs have been fixed at 0%, 5%, 12%, 18% and 28% Products
