A sole proprietor having business turnover greater than 50 Lakh is registered with GST. His normal course of business involves supplies of goods.
The proprietor has a property under his name, which fetches him commercial rental income of 40,000 monthly (i.e. 4,80,000 annual). As per normal practice, TDS is deducted.
Does the proprietor have to raise a GST invoice and charge GST 18% on the rent being received in this case ?
Yes
Thank you. A couple of further clarifications -
Will the rent receipt reflect the name of the individual, or the name of the sole proprietorship business?
Considering that GST is being charged, the GSTIN details shall be refelcted. Does the PAN of the individual also need to be reflected additionally?
Naveen Fintech Pvt Ltd
Kolkata
CA Inter
View Details
Gupta Sachdeva & Co. Chartered Accountants
New Delhi
CA Final
View Details
CAclubindia
