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Threshold for GST

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Amit

CA Practice

89 Points Posted on 14 July 2020

If Bank Interest and Rent Income are part of Turnover for GST Threshold limit of 20/10 lacs ?

Replies (3)

Quick Summary

This discussion clarifies whether bank interest and rent income are included in the aggregate turnover for GST threshold purposes. The aggregate turnover encompasses all supplies, including taxable, exempt, and non-taxable. In the provided example, with a total turnover exceeding 20 lakhs due to savings account interest, term deposit interest, residential rent, and commercial shop rent, GST registration is required. However, GST is only payable on the rent from the commercial shop, as other income sources are exempt.

Vijayprakash P

776 Points Posted on 14 July 2020

Aggregate turnover is the sum total of all supplies. ie. Taxable+Exempt+Non Taxable + Export.

Amit

CA Practice

89 Points Posted on 15 July 2020

Sir,

Please specify about bank Interst Income and Rent Income from Residential Property when both are not part of business/profession.

Example :

Saving A/C Interest 1 lac

Bank Term Deposit Interest 15 lac

Rent of Residetial House 3 lac

Rent From Commercial Shop 2 lac

Total 21 lac

If the registration of GST is required in the abovementioned case ? And if yes how much GST is payable ?

Sagar Patel

Tax and Business Consultant

5533 Points Posted on 18 July 2020

Aggregate turnover is the sum total of all supplies. ie. Taxable, Exempt, Nil rated, Zero rated, and non GST supply..

As your aggregate turnover is more than 20 lakhs your are required to take registration

GST is payable only on Rent From Commercial Shop of 2 lac. all other are exempt from GST