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SAC code for Rent & immovable property

sanjaya mohanty (9 Points)

16 July 2017

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4 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (184781 Points)
Replied 17 July 2017

997211	Rental or leasing services involving own or leased residential property
997212	Rental or leasing services involving own or leased non-residential property

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Sliptotrip .com (6 Points)
Replied 23 August 2017

We manage 3-4 apartments for the owners, We give it on rent for short stays of 1, 2 days to 1 month and more. What will be the applicable GST rate?

Owner wants us to collect all the amount in our company and he lets us keep 20% of amount collected and remaning we need to send to him from our bank account.

Will the GST rate be on the total amount we recieve for the occupancy from short stay tenenats

Will the GST rate be on the amount Owner let us retain ?

Yogesh (Accountancy) (258 Points)
Replied 23 August 2017

Dear,

Under GST, common valuation mechanism is prescribed i.e. 'transaction value' as a basis for valuation of goods/services.

Thus, 'transaction value' i.e, price actually paid/payable for supply of goods or services, is importat for the chargeability of GST.

Thanks & Regards,

Manish (Chartered Accountant) (30 Points)
Replied 07 November 2018

Hii I am the owner of Private Limited company having 2 forms of following business model: 1. Taking Property from the owner on Lease and further providing rooms to the customer for residential usage, with company own service package which includes various amenities. (here i am acting as owner). Will it be covered in 997211 SAC code??

2. Working as a property manager to House owners and Customers by bring bringing them together and charging commission from both of them. (here i am acting as property manager)

I want to know about the GST applicability on both of the above income stream. Also SAC code applicable. Kindly provide your valuable advice.