Meaning of  Real Estate Agent Commission

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.

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GST Registration for Real Estate Agent 

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

• Aggregate Turnover in a financial year of taxable supply of [highlight background=”” color=””] services exceeds Rs. 20 Lac or (Turnover > 20 Lac) [/highlight]
• Aggregate Turnover in a financial year of taxable supply of goods or services exceeds Rs. 10 Lac if person is located at North Eastern area ( Manipur , Arunachal Pradesh , Nagaland , Meghalaya , Assam , Tripura & Mizoram , Sikkim , Jammu & Kashmir , HimachalPradesh & Uttarakhand ) ( Turnover > 10 Lac )

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What is GST Rate on Real Estate Agent Services ?

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GST Return filing for Real Estate Agent Services ?

• GSTR 3 B Each Month by 20 th of next month.
• GST registration holder would have to file GSTR-1 ( based on turnover its monthly or quarterly )
• Finally, annual GST return must be filed by all GST registered entities on/before the 31st of December.

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GST Credit ITC 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  

1. Recipient has valid tax invoice / Debit Note / Bill of Entry
2. Goods or Services are received
3. Taxes are paid to Govt. ( From Supplier side )
4. GST Return is filed

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When GST become Payable for Real Estate Agent Services?

Earliest of the following date shall be considered as time of supply for Real Estate Agent Services like commisison, brokerage ,fee etc.

• When invoice is issued
• When invoice is not issued in 30 days from date of supply of service
• Date of receipt of services in books of account of service recipient

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What is SAC Code For Real Estate Agent Services ?

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.

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