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May 28, 2024 · The threshold limit for applicability of GST for those providing only services is Rs.20 lakh, more than the Service Tax limit of Rs.10 lakh. This makes many landlords – who were covered under the Service Tax regime be at ease now up to another Rs.10 lakhs earned.
Jan 16, 2024 · Under the GST Act, leasing or renting of commercial property, including shops, offices, or warehouses, falls under the category of supply of services and attracts GST @18%. However, small taxpayers who have an annual turnover of less than Rs.20 lakhs are exempted from GST on rental income.
Dec 20, 2022 · With effect from 18 th July 2022, GST is payable on residential rent if the tenant is registered under GST. In such case, GST is payable @18% by the tenant under the reverse charge mechanism.
Jul 25, 2022 · Unravel the impact of the latest GST notifications (05/2022) on rent. Understand the applicability, Reverse Charge Mechanism (RCM), and scenarios for GST on residential dwelling rentals. Stay informed about GST liability, ITC claims, and key considerations for individuals and businesses.
Aug 12, 2022 · The Narendra Modi government has set the yearly threshold limit for GST registration to 20 lakh for service providers and Rs 40 lakh for goods suppliers. Under the new rule, the tax will be...
Jul 20, 2022 · The government has brought new GST rules from 18 th July 2022 for ‘ Renting of Residential Property’. As per notifications 05/2022 (Central Tax Rate) dated 13 July 2022, ‘ Service by way of renting of a residential dwelling to a registered person is also taxable.
Feb 2, 2024 · Under the GST regime, the need to pay GST on rent arises when you get an annual rental income of Rs 20 lakh or more from your service providing business. Earlier, this threshold was kept at Rs 10 lakh.
Feb 19, 2020 · If you rent out your residential property for residential purpose, it is exempt from GST but, if you rent out your residential property for Business use, then GST will be attracted.
May 27, 2024 · The GST registration threshold limit is Rs.40 lakh for normal category states and Rs.20 lakh for special category states for manufacturers of goods. Find the state wise threshold limits in this article.
Aug 12, 2022 · According to tax experts, until 17th July 2022, GST was applicable on the rent of a commercial property but from 18th July 2022, GST shall be charged if such residence is rented or leased by a...
