Hey there,
In this comment, I will be answering ‘What is the Rate of GST on residential property’. The rate of GST is decided by the budget session undertaken by the financial statutory body of the nation. Continue reading to know more.
Is GST payable on purchase of residential property ?
Yes, GST is payable on purchase of residential property. Homebuyers will need to pay 5% without an input tax credit (ITC) on purchase of residential properties that are not part of the affordable housing segment.
For, purchase of residential properties that are part of the affordable housing segment, the homebuyers need to pay 1% GST without an ITC.
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Now, you must be wondering about GST on rent of residential property, I will answer those queries
below.
Is GST applicable on rent of residential property ?
According to the rules and regulations, GST is applicable on rent received from leasing residential property. If you rent out a residential property for residential purposes, you will exempted from paying GST charges,
The charges of GST on residential property rent will be 18%. wherein the CGST would be @9% and SGST @ 9. The landlord will have to file GST Returns and deposit the GST collected with the Govt. based on the GST Return filing schedule.
I hope you liked my answer about GST on residential property.
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Read more :
How to file GST return online step by step?
How to check input tax credit in GST portal?
How to calculate GST on under construction commercial property?
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Is GST payable on purchase of residential property ?
Kanika
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3 Year
2022-03-01T02:17:28+00:00 2022-03-02T11:43:09+00:00Comment
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