Rented Residential Property: New GST Rules with effect from 18th July 2022
What is GST and how it works? GST is known as the Goods and Services Tax. It is an indirect tax which has replaced many indirect taxes in India such as the excise duty, VAT, services tax, etc. The Goods and Service Tax Act was passed in the Parliament on 29th March 2017 and came into effect on 1st July 2017. In other words,Goods and Service Tax (GST) is levied on the supply of goods and services. Goods and Services Tax Law in India is a comprehensive, multi-stage, destination-based tax that is levied on every value addition. GST is a single domestic indirect tax law for the entire country. NEW GST RULE on Rented Residential Property. *Synonyms for Tenant are Licensee and lessee. *Synonyms for Owner are Licensor, lessor and landlord. The dynamics of renting residential property under GST has changed from *18th July 2022*. The decision to bring the renting of residential dwellings under the tax net was taken in the 47th GST Council Meeting. Renting an immovable property is considered