If a housing society's annual turnover exceeds Rs 20 lakh and an individual flat owner pays over Rs 7500 per month as maintenance, then 18% GST will be applicable on the full amount. Here's a detailed breakdown of the new tax rules and how they will affect homeowners.
GstHousing SocietyApartment MaintenanceTax ComplianceFinancial PlanningReal Estate NewsApr 13, 2025
The 18% GST will be applicable if the annual turnover of the housing society exceeds Rs 20 lakh and an individual flat owner pays more than Rs 7500 per month as maintenance fees.
The 18% GST will be levied on the maintenance fees paid by individual flat owners. Therefore, the flat owners will be responsible for paying the additional tax.
Housing societies should maintain accurate records of their financial transactions, register for GST if required, and file regular returns to ensure compliance with the new tax rules.
Yes, for homeowners who are required to pay the 18% GST, the overall cost of living in their apartments will increase. This could be particularly burdensome for middle-income and lower-income families.
Failure to comply with the new GST rules could result in penalties, fines, and legal action. It is essential for housing societies to ensure they are fully compliant with the requirements.
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