Composition scheme and rent income
This query is : Resolved
Manoj Chauhan
(Querist)
13 October 2017
Dear experts, what would be the implications when a trader/manufacturer registered under the Composition scheme of GST gives his property on rent and earns rent income? Please reply soon. Thanks.
13 October 2017
No way for Composition scheme for above said way.... Applicable regular scheme
Manoj Chauhan
(Querist)
13 October 2017
Thanks. Would he loose the status of Composition scheme?
13 October 2017
Yes...
You are correct. But, He can change it to regular scheme...
Manoj Chauhan
(Querist)
13 October 2017
Thank you very much!
31 October 2026
Rent does not by itself end composition: a composition trader/manufacturer may also supply services up to 10% of the preceding year's turnover or Rs 5 lakh, whichever is higher (Sec 10(1) proviso), and exempt residential rent to individuals does not bar it; only above that limit must one move to the regular scheme or Sec 10(2A).
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