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INCOME FROM OTHER SOURCES TO LIABLE GST
in income tax return show in hade of income from other sources amount in this amount liable to GST In future.
Replies (3)
Quick Summary
Exactly which type of income you're referring under income from other sources?
No not necessarily.
Other sources income and GST:
• Not all "Income from Other Sources" is a GST supply. Interest on deposits or loans is an exempt supply (included in aggregate turnover for the threshold, but no GST). Dividends, gifts and winnings (except specified) aren't supplies.
• Rent from commercial property (if shown as Other Sources, e.g. a sub-letting tenant) is a taxable supply.
• Commission income reported in Other Sources by mistake is a service and taxable.
• So check the nature of the income, not the income-tax head, to decide GST.
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