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The proposed tax applies to services provided in relation to the renting of immovable property, excluding residential properties and vacant land, for use in business or commerce.
Residential properties, vacant land, and renting services provided by or to a religious body are excluded from this proposed tax.
Since the IT sector requires massive infrastructure and office spaces, this tax could make their services more costly and cause a setback to the industry.
It has not been clarified whether the service tax will be collected on every installment of rent or only the first time.
No, it remains unclear whether a property owner renting to a bank is required to collect service tax and get registered.
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