Lagatar24 desk
New Delhi, Dec 31: The CBIC has stated that as of January 1st, GST will not be due on dwelling units rented to the owner of a proprietary firm for home use solely.
According to the suggestions made by the GST Council at its meeting on December 17 and effective as of January 1, 2023, the Central Board of Indirect Taxes and Customs (CBIC) has announced changes to the GST rates for a number of commodities and services.
Beginning on January 1, ethanol sold to refineries for blending with motor spirit (petrol) will be subject to 5 per cent GST rather than the existing 18 per cent. Additionally, the tax rate on pulse husks has been reduced from 5 per cent to 0 per cent.
The announcement further specifies that “Fruit pulp or fruit juice-based drinks” are subject to a 12 per cent GST (other than carbonated beverages).
The CBIC has also announced that beginning on January 1, 2023, no GST would be due when residential space is rented to the owner of a registered proprietary firm if the space has been let only for the owner’s personal use.
If the owner uses the space for his own business, he will still be responsible for paying GST at an 18 per cent rate under the reverse charge mechanism (RCM).
