Service tax on rent

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This query is : Resolved

preet prakash (Querist)

05 January 2015 Hi All
Being an Individual,My Income from commercial Rent is 924000/-in the f.y. 2014-15 which is non taxable.In the next yr.2015-16 it will be 1167250/-.GST will be applicable From F.Y.April 2016, shall go for St Registration in the F.Y.2014-15,????????

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)

05 January 2015 since the consideration recieved is more then 9 lakhs in fy 14-15 its mandatory to take service tax registration.

preet prakash

preet prakash (Querist)

05 January 2015 even i know that but my income becomes taxable in Feb 2016, & GSt will be applicable from April 2016. so what to do????????? shall i go for registration in the F.Y. 2014-15

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)

05 January 2015 i think law is pretty much clear once you cross the monetary limit then you need to get yourself register within 30 days and there is no option as such available with you to extend your regiostratoion irrespective whether gst is implemented or not.

CA Sheetal Wadhwa

CA Sheetal Wadhwa (Expert)

06 January 2015 As per current Service tax laws , Registeration is necessary when aggregate value of taxable services goes above 9 lacs . In your case , you will get exemption of Rs. 10 lacs for FY 2015-16 since aggregate value of taxable services does not exceed 10 lacs in the preceeding financial year and u will be required to pay Service tax on the balance Rs. 167250 @ 12.36% .

Whereas as far as GST is concerned the new law will bring in PAN-linked taxpayer identification number with a total of 13/15 digits.

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