Hi All,
I have a query regarding GST as someone has told me different perspective, hence I needed some expert advice on the following scenarios as to which one is correct.
I have business turnover on which I pay GST and my other source of income is rental income from commercial property.
Query 1:-
1. Only rental income from commercial property greater the 20 lacs. only then we require GST registration, irrespective of business income or any other kind of income.
2. When the total profit of the business and rental income from commercial property totals greater than 20 lacs. then we require to deposit GST for rental income as well.
3. Only having income from business and rental income from commercial property we have to deposit GST for both sources.
4. The turnover of the business and rental income from commercial property totals greater than 20 lacs then we need to deposit GST for rental income as well.
PS- The turnover of the rental income and net profit of primary business is less than than 20 lacs, hence please specify if you say that the GST to be deposited for rental income is because of 2 sources of income.
I do have another query as someone has told me that we cannot take composition scheme for business if we have dual source of income such as rental income from commercial property.
Query 2: Can we take composition scheme for our business if the turnover is less than 20 lacs and we have other source of income as rental income from commercial property.
PS- the business turnover is more than 20 lacs and primary business is fabric retailing, hence can we opt for composition scheme as someone has guided me that we cannot take composition scheme for our business if we have other sources of regular income as well.
CAclubindia
