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Now that the government has made an important change, the question is how GST affects people who own flats. So, in this article, we’ll talk about the important question of how GST affects flat owners and RWAs, as well as what GST is.
What is GST?
The Goods and Services Tax (GST), as its name suggests, is a tax on the sale of goods and services.
The main goal of this tax structure is to control the way other indirect taxes affect each other. Some of the other indirect taxes are service tax, excise duty, value-added tax (VAT), and others.
It started being used in India’s tax system in July 2017 and is still being used there.
What conditions have GST applicable on flat owners, RWAs?
Flat owners and RWAs will have to pay GST when the following things happen.
If the flat owner pays an upkeep fee of Rs. 7,500 or more every month.
At least Rs. 20 lakh are brought in by the RWA every year.
But it’s important to remember that both flat owners and RWAs have to pay GST. If not, there won’t be any GST at all.
It just means that if the RWA’s annual income is more than Rs. 20 lakh but the property owner’s maintenance fee is less than Rs. 7,500, then there will be no GST.
In the same way, neither the flat owner nor the RWA will have to pay Goods and Services Tax on maintenance if the flat owner pays Rs. 7,500 or more but the RWA’s annual income is less than Rs. 20 lakh.
How much would GST be compensated for RWA and the flat owner?
If both the RWA and the flat owners meet the GST requirements, they will both have to pay 18% GST on maintenance fees. On the other hand, RWA can get a tax credit on capital goods for the taxes it has paid on them. For example, generators, water pumps, and furniture.
So, it’s important to know how to register for GST and file a GST return.
What is GST Registration?
GST Registration is the process of signing up as a taxpayer or business in accordance with the GST rules. After the GST registration process is done, the taxpayer or business gets a unique 15-digit Goods and Services Tax Identifying Number (GSTIN) from the Central government.
What is GST Return Filing?
Once you have a GST registration, you have to file a GST return. Even if a company doesn’t do any business, it must file a “Nil” GST return. When GST returns aren’t filed on time, big fines and penalties and other things happen. Because of this, businesses need to file their GST Returns correctly and on time.
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