1) Under GST, the existing rate of 15.55% on maintenance charges will be replaced by 18%
2) Returns Need To Be Filed Monthly
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| Impact of GST on Real Estate - 2.5 % more tax on maintenance charges |
Once the GST regime rolls in on July 1, apartment owners will have to pay about 2.5% additional tax on maintenance charges.
The tax is applicable on flat owners who pay a maintenance charge of above Rs 5,000, excluding property tax, stamp duty, and electricity and water charges.
Under GST, the existing rate of 15.55% on maintenance charges will be replaced by 18%.
The new rate is also applicable on housing societies that have an annual corpus or balance of more than Rs 20 lakh, again, excluding property tax, stamp duty, and electricity and water charges, and also maintenance charges gathered from apartment owners.
Read more at - GST means 2.5% more tax on a flat's maintenance charge
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1) Impact of GST - property prices may drop by up to 5 percent
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