GST Rate on Immovable Property 

GST Rate on Renting of Immovable Property are given by GST Council. In India there are total five slabs of GST Rate 0% , 5%,12% , 18% and 28%. Like HSN Code GST law obtained For SAC Code , its Service Accounting Code. For Renting of immovable property SAC code start with 9973. First two digits are same for all, Next two SAC code Signify as major service and last code Signify detailed nature of service.

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Applicability of GST Registration for Immovable Property Renting 

Section 22 to 25 specifies the persons who are liable to obtain GST Registration.

Every person who is engaged in supply of Immovable Property renting services  will  be liable to be registered under the GST if

• Aggregate Turnover in a financial year of taxable supply of goods or services exceeds Rs. 20 Lac or (Turnover > 20 Lac)
• Aggregate Turnover in a financial year of taxable supply of goods or services exceeds Rs. 10 Lac if person is located at North Eastern area ( Manipur , Arunachal Pradesh , Nagaland , Meghalaya , Assam , Tripura & Mizoram , Sikkim , Jammu & Kashmir , HimachalPradesh & Uttarakhand ) ( Turnover > 10 Lac )

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What is GST Rate on Immovable Property Renting? 

GST Rate on Immovable Property  is 18 %

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GST Return filing due date for Immovable Property ?

• GSTR 3 B Each Month by 20 th of next month.
• GST registration holder would have to file GSTR-1 ( based on turnover its monthly or quarterly )
• Finally, annual GST return must be filed by all GST registered entities on/before the 31st of December.

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GST Credit ITC For Immovable Property Renting Services

A registered taxpayer can claim the credit of taxes paid by him on inward supplies if he has a valid invoice and taxes are deposited by the supplier to the Govt. The input tax credit so claim by a recipient shall be reversed if he doesn’t make payment of the amount towards the value of supply of goods or services along with tax payable thereon within a period of 180 days.

Conditions to Claim GST ITC Credit  

1. Recipient has valid tax invoice / Debit Note / Bill of Entry
2. Goods or Services are received
3. Taxes are paid to Govt. ( From Supplier side )
4. GST Return is filed

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When GST become Payable for Immovable Property Renting ?

Earliest of the following date shall be considered as time of supply.

• When invoice is issued
• When invoice is not issued in 30 days from date of supply of service
• Date of receipt of services in books of account of service recipient

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What is SAC Code For Immovable Property ?

SAC Code For Immovable Property as below.

Group 99731	Leasing or rental services concerning machinery and equipment with or without operator
SAC Code 997311	Leasing or rental services concerning transport equipments including containers, with or without operator
SAC Code 997312	Leasing or rental services concerning agricultural machinery and equipment with or without operator
SAC Code 997313	Leasing or rental services concerning construction machinery and equipment with or without operator
SAC Code 997314	Leasing or rental services concerning office machinery and equipment (except computers) with or without operator
SAC Code997315	Leasing or rental services concerning computers with or without operators
SAC Code 997316	Leasing or rental services concerning telecommunications equipment with or without operator
SAC Code 997319	Leasing or rental services concerning other machinery and equipments with or without operator

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Read GST Return Filing for Immovable Property

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