The HSN (Harmonized System of Nomenclature) code 9971 pertains to "Real estate services." This code includes services related to real estate, such as sale, purchase, leasing, renting, and other real estate-related activities.
Here's a breakdown:
- 99: Services (rather than goods)
- 71: Real estate services
For GST purposes in India, services classified under HSN code 9971 can include:
- 9971: Real estate services involving owned or leased property
- 99711: Residential property leasing or rental services
- 99712: Non-residential property leasing or rental services
- 99713: Real estate services on a fee or contract basis, and more
The GST rates for these services vary:
- Leasing or renting of residential property for use as a residence is generally exempt from GST.
- Leasing or renting of commercial properties is usually subject to an 18% GST rate.
