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The government announced on Friday that if residential apartments are rented to people for personal use, they will not be liable for GST.
The government contested the Goods and Services Tax (GST), which is levied at a rate of 18% on rent paid by tenants.
As stated by the government, a residential unit would only be subject to GST charges if a commercial company rented it.
There is no GST when renting to a private individual for personal use. No GST, it stated, even if a partner or owner rents a house for personal purposes.
The clarification, according to Abhishek Jain, a partner in indirect tax at KPMG in India, provides relief to GST-registered owners or partners in GST-registered firms that lease real estate for their personal use, such as renting a home for a family.
image credit : wikimedia commons
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