Effective July-2022 GST is applicable on rent paid for residential property. But not all rent of residential property is under the cover of GST. Only such residential properties which are leased to commercial entities (i.e.) businesses registered under GST are now taxable.
This is the new rule of GST, latest under GST which impacts all of trade and industry especially the ones where company incorporations / GST registrations have been made keeping the residential property of parents, friends, siblings, acquaintances as place of business on the GST portal. The basic question that comes up is who should pay this GST if it is taxable. Watch the video to the end to find a summarised decoding of the provisions.
We aim to clairfy:
1. Impact of GST on residential properties
2. When is GST payable on rent?
3. When is GST not payable on rent?
3. Who should pay GST?
4. How much GST has to be paid?
5. When this GST has to be paid on rent?
6. How this GST has to be paid?
Mobile application
https://play.google.com/store/apps/details?id=com.instied.financial_calendar
Website:
https://filinghour.com/#tabs/home
#GST #GSTONRENT #houserent #gstindia #gstnews #gstcouncilmeet #commonman #bills #consumer #input