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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 –.
So, the connection between the SAC code and HSN code 997212 for commercial rent is all about how we classify and identify the service of "Renting of Commercial Immovable Property" under the GST system.
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.
Finding the right HSN code, like the one discussed for Leasing or rental services is very important for GST compliance and accurate tax calculation. Here’s different ways to find the correct HSN code for your product in India.
Feb 2, 2024 · Embedded within India’s expansive Goods and Services Tax (GST) system, the HSN code for rent serves as a linchpin in streamlining taxation processes. Its inclusion is instrumental in simplifying the overall tax structure, curbing evasion, and fostering a more business-friendly environment.
