Commercial property rent in India is subject to GST. Landlords and tenants must understand the implications, including applicable rates, thresholds, and Input Tax Credits. This ensures compliance and helps avoid legal issues.
GST on flats is 5% for non-affordable housing and 1% for affordable housing, excluding Input Tax Credit. Under-construction flats have a 12% GST. Completed and resold flats are exempt. This impacts construction costs and simplifies the tax system.
Explore an in-depth overview of GST's implications in real estate, its definitions, applicability, rates, and the distinction between affordable and non-affordable housing.