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How does GST on commercial property rent differ from GST on residential property rent?
GST on commercial property rent and residential property rent differs mainly in terms of applicability and exemptions.
For commercial property rent, GST is applicable at the rate of 18%. Commercial properties, such as offices, shops, and other business premises, are considered taxable supplies under GST. The landlord must charge GST on the rent, and the tenant can claim the input tax credit (ITC) for the GST paid, provided they are a GST-registered business.
On the other hand, residential property rent is generally exempt from GST, provided the property is used for residential purposes. If a landlord rents out a residential property for accommodation, GST is not applicable. However, if the property is rented for business purposes (e.g., serviced apartments), GST may be applicable.
The key difference is that commercial property rentals attract GST, while residential property rentals are typically exempt, unless used for business purposes.
What else can I help you with?
What are the motivating factors for a lessor and a lessee?
The lessor has income producing property available and the lessee needs to rent residential or commercial space.
What is responsibility of tenant in residential or commercial tenancy?
Basically the same rules apply: pay the rent on time, keep property in a safe, decent, and sanitary condition. The landlord may not allow certain types of businesses to run in their commercial property, and most don't allow businesses to be run in residential properties.
What is property productivity?
Different properties produce different things. If your property is an office building, it produces rent. If your property is a wheat field, it produces wheat. Property Productivity depends Upon type of Property and how the property is used for a purpose. Commercial properties can serve for commercial and rental properties, land development. Residential properties can serve for home-family rental purposes.
What makes land suitable for commercial or residential purposes?
What to make land suitable for commercial or residential purposes, such as building stores or houses for rent or sale
What to make land suitable for commercial or residential purposes?
What to make land suitable for commercial or residential purposes, such as building stores or houses for rent or sale
What makes land suitable for commercial or residential purposes as building stores or houses for rent or sale?
No
What is tenanted areas?
Tenanted areas are spaces that are rented or leased out to tenants for residential or commercial use. The tenants pay rent to the landlord or property owner in exchange for the right to occupy and use the space. Maintenance and upkeep of the property are typically the responsibility of the landlord.
Where can I compare commercial property rent?
Yes there is. Please visit the following website to view their listing: www.loopnet.com/, www.buildingsearch.com/ www.leasemls.com/, and commercial properties for rentwww.showcase.com/commercial-properties-for-rent.
What is to make land suitable for commercial residential purposes such as building stores or houses for rent or sale?
develop
to make land suitable for commercial or residential purposes such as building store or houses for rent or sale?
develop
Who was esher as a person?
Esher estate agent, Knight Frank, handles residential property for sale and to rent.
What is to make land suitable for commercial or residential purposes such as building stores or houses for rent or sale?
developing
