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GST on Individual person

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Manish

Accountant

172 Points Posted on 19 May 2021

Source of Income of an Individual unregistered person during a Financial year is :

100.00 L Salary

20.00 L Interest on Loans (from Co.)

5.00 L Interest from Banks (Saving/FDR)

5.00 L Office Rent Received

10.00 L Capital Gains on Share/MF Trading

5.00 L Dividend

15.00 L Compensation from Rented Property

- Is this person required to take GST Registration?

- As per my understanding, only Godown Rent received and Compensation on rented property are taxable under GST and if both these are crossing threshold limit, GST Registration is mandatory. Is it correct?

Thanks in advance.

Replies (3)

Quick Summary

This discussion explores whether an individual with various income sources, including salary, interest, rent, capital gains, and dividends, needs to register for GST. The consensus suggests that only income from renting property and compensation on rented property are considered taxable under GST. If these specific taxable incomes exceed the prescribed threshold limit, then GST registration becomes mandatory for the individual.