threshold limit of Gst Calculation
This query is : Resolved
RK AND ASSOCIATES
(Querist)
11 October 2017
Client receives rental income which doesn't exceed 20lacs and client is a individual & director of company and Received professional fees on which reverse charge applicable so
how to calculate Gst threshold limit Rental income +Professional fees (reverse charge 9(3))
CA Rashmi Gandhi
(Expert)
11 October 2017
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 an all-India basis but excludes Central tax, State tax, Union territory tax, Integrated tax and cess.
No inward supply under RCM includible in it .
So you have to calculate threshold as per rental income.e only
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RK AND ASSOCIATES
(Querist)
11 October 2017
but here reverse charge is not inward it is outward reverse charge 9(3)
CA Rashmi Gandhi
(Expert)
12 October 2017
Ohh yes then same is includible in turnover......
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RK AND ASSOCIATES
(Querist)
12 October 2017
Thank you madam for your answer......
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CA Rashmi Gandhi
(Expert)
12 October 2017
Welcome dear. .....
31 October 2026
Director fees count in aggregate turnover, but even if registration becomes necessary the director pays GST only on rent, as the company pays on his fees under RCM; and if he stays unregistered, registered tenants of commercial property pay GST on the rent under RCM.
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