Real Estate Agent is professional who make arrangement for real estate transaction. He bring together buyer and sellers for negotiation of property. Real Estate agent provide professional services for commercial , non commercial , residential property deals. Real estate agent get compensated by way of Real estate commission , real restate brokerage , fees etc.
Section 22 to 25 specifies the persons who are liable to obtain GST Registration.
Every person who is engaged in supply of Real Estate Agent Services provider will be liable to be registered under the GST if
|Group 995473||GST Rate on Real Estate Agent Services||GST Rate|
|995473||Real Estate Agent commission||18%|
|995473||Real Estate Agent Fees||18%|
|995473||Real estate appraisal services on a fee/commission basis or contract basis||18%|
GST Return filing for Real Estate Agent Services ?
A registered taxpayer under Real Estate Agent Services can claim the credit of taxes paid by him on inward supplies if he has a valid invoice and taxes are deposited by the supplier to the Govt. The input tax credit so claim by a recipient shall be reversed if he doesn’t make payment of the amount towards the value of supply of goods or services along with tax payable thereon within a period of 180 days.
Conditions to Claim GST ITC Credit
Earliest of the following date shall be considered as time of supply for Real Estate Agent Services like commisison, brokerage ,fee etc.
SAC Code For Real Estate agent commission , brokerage fees as below. SAC code for Real Estate Agent fall under two categories of the SAC headings. First two digits are same for all, Next two SAC code Signify as major service and last code Signify detailed nature of service. SAC Code For Veterinary Services as below.
|Group 995473||SAC Code On Real Estate Agent Services|
|995473||Real Estate Agent commission|
|995473||Real Estate Agent Fees|
|995473||Real estate appraisal services on a fee/commission basis or contract basis|