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GST on rental income takes effect
August 2022
|Construction Philosophy
Under the new goods and services tax (GST) rules, which came into effect on July 18, a tax of 18 per cent is now applicable to residential property rent.
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The tax will be charged according to the reverse charge mechanism (RCM), where the tenant will be liable to pay the GST.
The tax will not be applicable to salaried individuals who take homes on rent or lease. The new rule only applies if the person/company has completed the GST registration.
According to the rules, if a person/ company earns more than the set threshold limit per annum, they are liable to be registered under GST. For individual service providers, like business consultants, the threshold is Rs. 20 lakh per annum. For a business that makes money by selling products, the threshold is Rs.40 lakh a year. This limit is set at Rs 20 lakh in the north-eastern states.
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