Gross rental income exceeds 20lacs (residential purpose-15L & commercial purpose-10L).
So what will be my tax liability under GST?Also, do i have to register under GST?
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Rental income -GST regime
Replies (12)
Rental income from residential property is exempt from GST under mega exemption list and rental income from commercial property is taxable . However to derive the threshold limit of 20 lacs, aggregate turnover needs to be considered. Definition of aggregate turnover includes exempt supplies as well.
So registration is required in your case as value of taxable supply + value of exempt supply are exceeding 20 lacs.
So registration is required in your case as value of taxable supply + value of exempt supply are exceeding 20 lacs.
yes, you need to get registered. coz aggregate turnover includes exempted supply too
than gst tax paid on taxable income or gross income?
taxable income
sir, but in gst retun i have shwon only taxable income as well as exampted income . which income i have shwon in gst retrun.
both income
but gst paid on both income or what
gst only paid on taxable supply not income
I would like to elaborate this point little bit. For example is owner property is residential property and the same is given on a rent. And tenant is using this property for commercial purposes then whether GST is payable?
You are liable for GST registration and you will have to pay GST on 10 L @ 18 %
I would like to elaborate this point little bit. For example is owner property is residential property and the same is given on a rent. And tenant is using this property for commercial purposes then whether GST is payable?
Sorry by mistake
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