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09 April 2020

if we started a busiess with 3 owners as co ownership with equal share and, threshhold limit of 20 lakshs applicable to single owner or for business.

kerala AAR made an advance ruling regarding this kind ,but it is related to rent on joint property

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6 Replies

Ranjit Kumar Mishra (Student) (37 Points)
Replied 09 April 2020

Threshold Shall be applicable on PAN basis

RAJA P M ("Do the Right Thing...!!!") (127140 Points)
Replied 09 April 2020

Threshhold limit of 20 lakshs applicable to single owner or for business...?

- Threshold limit applicable PAN basis. But, it's not individual of You.
If You (three partner) are start business and applied PAN for Your partnership business then the limit applicable to the PARTNERSHIP PAN...

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Dhana Sai (234 Points)
Replied 09 April 2020

As per sec 22 of cgst act,2017

treshold limit applicable to supplier who is supplying goods or services.

as per sec 2(103) of cgst act,2017

supplier means the person who is supplying goods or service.

to register the business , it should have seperate pan it is correct but i am asking about applicability of sec 22 of cgst act,2017.

that is why i mentioned kerala AAR advance ruling on co ownership.

please let me know ur opinion sir.

thank u.

RAJA P M ("Do the Right Thing...!!!") (127140 Points)
Replied 09 April 2020

The AAR issued for Property owned by the persons... The rental amount to share the land owners..

Here,
You asking start a partnership business... Right..?!

or

You will supply renting services as per AAR...?!