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Gst on rental income
A small retail businessman having net turnover of about 15 lpa had been registered under vat. with GST roll out making the exemption limit as 20 lakh gstin number was not required. all of a sudden the demise of a family member caused a transfer of property according to the will of the deceased with rental income of 5 lakh per annum in the name of the businessman. is he now required to apply for GST on rent as well as business or turnover in business is different from turn over in rental income.
Replies (5)
the rental income from the above property is from a commercial source
GST will apply when turnover of the business EXCEEDS Rs 20lakhs.
In the given case, the annual turnover of business is 20 lakh (15 lakh + 5 lakh), which is within the exemption limit. So, he is not required to get himself registered under GST.
In the given case, the annual turnover of business is 20 lakh (15 lakh + 5 lakh), which is within the exemption limit. So, he is not required to get himself registered under GST.
the combined turn over might just exceed 20lpa. could be around 22lpa with the growth in business
the main question here is will the two differnt sources be clubbed together for calcu
yea. both will be clubbed
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