Gst in rent agreement
4 years ago
What is gst clause in rent agreement?Is it mandatory to put gst clause in rent agreement? Can gst clause be added on leave and license agreement?
A.Dear Sir,
If it is a big corporate then only such clauses are necessary.
Please take PAID phone call with me through VIDHIKARYA and get more legal guidance.
If it is a big corporate then only such clauses are necessary.
Please take PAID phone call with me through VIDHIKARYA and get more legal guidance.
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satej Chandrakant more
Responded 4 years ago
A.Dear Sir,
Yes its a mandatory clause you have to put in the agreement. Also mention and other tax applicable in future which need to be consider.
Thanks
Adv. Satej C More
Yes its a mandatory clause you have to put in the agreement. Also mention and other tax applicable in future which need to be consider.
Thanks
Adv. Satej C More
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Adv. Sarika Khude
Responded 4 years ago
A.GST has positively affected the rental income of an individual. As mentioned earlier, when a property is rented out, only for residential purpose, the same is exempt from Goods and Services Tax. However, it is important to note that any type renting out (except residential) or lease of immovable asset for commercial reasons attracts a GST at 18%, as it is considered a supply of service.
As it is aforementioned before, the applicable threshold limit of GST has been increased to Rs.20 lakh from Rs.10 lakh, after GST was implemented. This has favoured land owners, thereby relaxing them of another Rs. 10 lakhs income earned.
As it is aforementioned before, the applicable threshold limit of GST has been increased to Rs.20 lakh from Rs.10 lakh, after GST was implemented. This has favoured land owners, thereby relaxing them of another Rs. 10 lakhs income earned.
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