According to the new rules, 18 percent GST will be applicable if the maintenance cost of an apartment exceeds Rs 75,000 per month.
New Delhi: In a major development that promises to hit the wallets of those living in high-rise apartments, reports suggest that the Modi government is planning to impose 18 percent GST on monthly maintenance charges exceeding Rs 7,500 in housing societies. This means that the people living in such societies will have to pay higher amounts as maintenance fees.
According to the new rules, 18 percent GST will be applicable if the maintenance cost of an apartment exceeds Rs 75,000 per month, or if the total maintenance cost of a housing society exceeds Rs 20 lakh annually
According to Indian Express report, around 5 million people live in apartments in Bengaluru, and at least 4 million people live in apartments in cities like Mysuru, Mangaluru, Hubballi, and Belagavi. It is advised to consult the tax office for clarification on which flats the 18 percent GST rule will apply to.
NO GST ON THESE FLATS:
The Modi government has clarified that GST will not be imposed on all apartments. If anyone is confused about whether their flat or society falls under this category, they can visit the local Commercial Tax Office and check the status of their society by paying a fee of Rs 500.
The Indian Express report further adds that the residents living in apartments in Bengaluru have started discussing whether they now need to register for GST. If they register under GST, they will be required to file returns twice a month—once on the 11th and again on the 20th of each month.
In addition, they will also have to file an annual return. Due to the frequent filing of returns, people may end up spending Rs 1–2 lakh.
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