Impact of GST on Rent l Applicability I Rate of GST on Rented Property скачать в хорошем качестве

Impact of GST on Rent l Applicability I Rate of GST on Rented Property

To know more about Impact of GST on Rent, click here - https://cleartax.in/s/impact-gst-on-rent Rent is the source of Income for many over the years. According to the GST Act, renting out of an immovable property would be treated as a supply of services. However, GST will be applicable only when a property is given out on lease, rent, easement, or licensed to occupy and when any property is leased out or let out including a commercial, industrial, or residential property for business. When you rent out a residential property for residential purpose, it is exempt from GST. Any other type of lease or renting out of the immovable property for business would attract GST at 18%, as it would be treated as a supply of service. After GST was implemented, the threshold limit for applicability of GST has been increased to Rs.20 lakh. For all commercial spaces that are on rent, GST will be applicable at 18% on the taxable value and rent would be treated as a taxable supply of service.