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.
This story is from the August 2022 edition of Construction Philosophy.
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This story is from the August 2022 edition of Construction Philosophy.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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