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Turnover under GST

velayudham (admin. executive) (21 Points)

31 July 2018

sir

A person getting business turnover 16 lakhs and he has give property for commercial purpose and eating 8 lakhs rental he is liable to register and collect gst??

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4 Replies

prasad Nilugal (3914 Points)
Replied 31 July 2018

Rent in course furtherance of Business applicable for GST as per section 7 of the CGST act 2017

prasad Nilugal ( GST Practitioner & Accounts ) (14221 Points)
Replied 31 July 2018

Please confirm with others also regarding registration & turnover

Pankaj Rawat (GST Practitioner) (55037 Points)
Replied 31 July 2018

As per section 22(1) CGST Act , if your aggregate turnover exceeds 20 lac you are liable to take Registration.

as per section 2 (6) CGST Act the defination of aggregate turnover is
"aggregate turnover" means the aggregate value of all taxable supplies [excluding the value of inward supplies on which tax is payable by a person on reverse charge basis], exempt supplies, exports of goods or services or both and inter-State supplies of persons having the same Permanent Account Number, to be computed on all India basis but excludes central tax, State tax, Union territory tax, integrated tax and cess;
so your aggregate income from single PAN exceeds 20lac you are liable take Registration

Shivam RC (Student) (23683 Points)
Replied 01 August 2018

Renting of Immovable Property attracts GST as it is treated as a Supply of Service as per Paragraph 5 clause (a) of SCHEDULE II.

Since it is a Taxable Supply, it will be taken into consideration for computing Aggregate Turnover.

And since your Aggregate Turnover exceeds ₹ 20 lakhs, you are liable to take Registration under GST.