Gst on rental income
This query is : Resolved
13 August 2017
I have rented a commercial of which I receive the rent amounting to Rs. 5 lacs per annum. I am also a trader and my turnover through trading activity is Rs. 60 lacs.
My questions
1. Am I required to get the registered under gst?
2. Can I get registered under composite scheme?
3. Am I required to collect gst amount from the lessee for my rental income and pay to the government?
4.If I have already received rent on 1.4.2017, am I required to collect the gst amount from the leasee and pay to the credit of central government?
My questions
1. Am I required to get the registered under gst?
2. Can I get registered under composite scheme?
3. Am I required to collect gst amount from the lessee for my rental income and pay to the government?
4.If I have already received rent on 1.4.2017, am I required to collect the gst amount from the leasee and pay to the credit of central government?
13 August 2017
1. Yes you are liable to get registration under GST
2. You cannot get registered under composition scheme as Rent received is service and for services you cannot opt Composition Scheme
3. Yes you have to collect GST on rent and pay to government
4. Your liability to pay GST arise when your aggregate turnover exceeds 20 L I.e your rental income and business turnover
VK
2. You cannot get registered under composition scheme as Rent received is service and for services you cannot opt Composition Scheme
3. Yes you have to collect GST on rent and pay to government
4. Your liability to pay GST arise when your aggregate turnover exceeds 20 L I.e your rental income and business turnover
VK
13 August 2017
4. No you can't collect above said period (01/07/2017 to 30/06/2017). You can collect gst after your Registration under GST.
So, First you ll be register under GST. after you get registration you ll be collect tax after registration date...
You don't collect before dates (Before Registration)
So, First you ll be register under GST. after you get registration you ll be collect tax after registration date...
You don't collect before dates (Before Registration)
13 August 2017
If the amount of rent for the whole year fy2018 is collected on 1.4.2017, do I need to collect gst amount from July 01, 2017 to March 2017.
13 August 2017
If the amount of rent for the whole year fy2018 is collected on 1.4.2017, do I need to collect gst amount from July 01, 2017 to March 31, 2018.
13 August 2017
Now, You are registered under GST or not...
If yes, When you apply the registration and when you get ARN or GSTN...?
If not, You can't collect Tax from anywhere....
When you get RC after the date only you collect tax and take ITC from your transactions.....
14 August 2017
1. Yes you must obtain registration.
2. yes you can opt for Composition until your turnover doesn't crosses 75 Lacs
3. Yes you are required to charge GST on Commercial leasing.
4. Yes you are required to pay tax to the central govt. from July onward if the rent is received in advance for the upcoming year.
2. yes you can opt for Composition until your turnover doesn't crosses 75 Lacs
3. Yes you are required to charge GST on Commercial leasing.
4. Yes you are required to pay tax to the central govt. from July onward if the rent is received in advance for the upcoming year.
14 August 2017
Dear ABHISHEK GARG.,
2nd option is yes. Then how to treat the rental income...?
2nd option is yes. Then how to treat the rental income...?
14 August 2017
Ohh..Sorry
If rental income is there (Service Provider) then you can't opt for Composition Scheme.
If rental income is there (Service Provider) then you can't opt for Composition Scheme.
Message likes :
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14 August 2017
Thank you for the reply Mr. ABHISHEK GARG...
Message likes :
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