All confusion cleared on 'GST on rent' - Check what government said
KPMG in India Partner Indirect Tax Abhishek Jain said the clarification provides relief to GST-registered proprietors or partners in GST-registered firms who take on rent immovable property for their personal use such as renting of a house for family accommodation
The government on Friday said GST will not be applicable on residential units if they are rented out to private persons for personal use.
The government dismissed media reports which claimed that there is an 18 per cent Goods and Services Tax (GST) on house rent paid by tenants.
In a tweet, the government said GST would be levied only when the residential unit is rented out to a business entity.
See Tweet Here:
Claim: 18% GST on house rent for tenants #PibFactCheck
Renting of residential unit taxable only when it is rented to business entity
No GST when it is rented to private person for personal use
No GST even if proprietor or partner of firm rents residence for personal use pic.twitter.com/3ncVSjkKxP— PIB Fact Check (@PIBFactCheck) August 12, 2022
"No GST when it is rented to private person for personal use. No GST even if proprietor or partner of firm rents residence for personal use," it said.
KPMG in India Partner Indirect Tax Abhishek Jain said the clarification provides relief to GST-registered proprietors or partners in GST-registered firms who take on rent immovable property for their personal use such as renting of a house for family accommodation.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Senior Citizen Latest FD Rates: Know what major banks like SBI, PNB, Canara Bank, HDFC Bank, ICICI Bank are providing on fixed deposits
Gratuity Calculator: Rs 38,000 as last-drawn basic salary, 5 years and 5 months of service; what will be gratuity amount?
Top 5 Small Cap Mutual Funds with best SIP returns in 1 year: See how Rs 25,000 monthly investment has grown in each scheme
Top 7 SBI Mutual Funds With Best SIP Returns in 1 Year: Rs 25,000 monthly SIP investment in No.1 fund has jumped to Rs 3,58,404
08:05 PM IST