Composition gstn with rental income

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192 Points Posted on 22 April 2019

Hi Members

Please let me know for the following query.

An individual has retail trading business of hardware items (Sales in 2018-19 - Rs. 18 lakhs) and he also earns rental income from commercial property (Rs. 12500 p.m.). Is he eligible to take Composition GSTN? If yes, what rates will apply to his business/income?

Thanks

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On 22 April 2019 at 18:39 Report
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1533 Points Posted on 22 April 2019
From 1st April, 2019 As per Notification 2/2019- central Tax Rate supplier of service or goods or both can pay composition tax of 6%(3% + 3%) upto 50 lakhs. So you can opt for composition scheme under the said notification

In my opinion first check whether registration itself will be required as TO is less than 20 lakhs (18 lakh + 1.5 lakhs).
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On 22 April 2019 at 19:11
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72 Points Posted on 22 April 2019

Aggregate turnover remains below 20 lakhs. No need of registration at first.

Voluntary registration can be obtained.

Composition scheme rate will be same as 1%, because service supply is less than 10% of aggregate turnover.

Basic condition applies, no interstate outward supply.

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On 22 April 2019 at 19:27
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1533 Points Posted on 22 April 2019
agreed with above view. since supply of service less than 10% / rs 5 lakh u can take 1%
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On 22 April 2019 at 19:55
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55 Points Posted on 02 May 2019
Under which section /Notification he pay 1% of total turnover including rental income,if his rental income is below 5 lacks or 10% of his turnover
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On 02 May 2019 at 23:42
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55 Points Posted on 02 May 2019
Can he cancel his registration as his total turnover including rental income is below new limit i.e 40 Lacks
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On 02 May 2019 at 23:44

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