we have a five bus. we r Unregistered in GST. we provide bus to local factory. the Factory use my bus to carry staff and school students of their staff and worker.
we received this contract from November 2018. we received Monthly rent of RS 200000/-.
now question is should I obtain GST registration because we have rental income will be 1000000/- in FY 18-19 which is less of threshold limit.
If I obtain GST registration should I take ITC of my expenses like maintenance of bus. office rent, telephone expense. bank charges.bus insurance etc..
one more question Factory should take ItC from my rental bill
Menu
rent of bus
Replies (2)
Yes if you obtain the registration.then you can claim ITC.
Since threshold limit for service 20 lakhs for service.
in future you may be required to register.
Since threshold limit for service 20 lakhs for service.
in future you may be required to register.
For F.Y. 2018-19 no need to take GST registration.
For F.Y. 2019-20 you should registered under GST.
Charge GST 5% (without ITC) or 12% (with ITC)
Factory can take ITC in both conditions.
For F.Y. 2019-20 you should registered under GST.
Charge GST 5% (without ITC) or 12% (with ITC)
Factory can take ITC in both conditions.
Recent Threads
- VRS / Severance Pay full exemption u/s 89 ( 10E fo
- Sponsorship fees GST
- Error in verification of ITR-2
- Form 12aa for Religious and Charitable trust
- Schedule 112A CSV template
- RNOR status and exemption on RFC account interest
- Upload error for ITR 2 filing after validation
- CCI Forum gets fresh Look ! Share your views
- Presumptive taxation 44AD BLOCK PERIOD
- FORM 27Q FILING
Related Threads
CAclubindia
