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composition scheme for catering services + Rent income
In FY 18-19 Proprietory firm undertaking catering services is under composition scheme and paid gst accordingly. Proprietor has also recd rental income of comnercial property in his saving account in the same year. So whether his compostion scheme option will get cancelled in FY 18-19 and will he have to pay tax with int as per regular tax structure.
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Before making it to regular method : Pls check if the rental income for the period Fy18-19 is 10% of your total turnover. An interpretation can be taken that the rental income is below 10% and continue to be under comp scheme.
For Fy19-20 the new amendment under section 10 should give relief for such comp scheme holder as the limit is 50lakhs.
For Fy19-20 the new amendment under section 10 should give relief for such comp scheme holder as the limit is 50lakhs.
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