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Whether the income from other sources under income tax is taxable under GST?

Maruti Prasad (Senior Accountant) (49 Points)

28 December 2020

a registered person under GST wants to show income from other source in IT whether it taxable in GST?

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6 Replies

Sandeep Kumar (4 Points)
Replied 28 December 2020

No , as income taxable in gst is shown as business income and ifos income is only taxable in income tax

ayusmita (Tax consultant) (5885 Points)
Replied 29 December 2020

No it is not taxable in gst ?
but what is your other sources

CA Salman Ansari (Salman Ansari & Assoc.) (247 Points)
Replied 29 December 2020

Most common other source incomes like interest and dividend would not attract GST, but it mainly depends on the nature of income.

GST's definition of business not only coverd the principal business activity, but also includes all supplies incidental to business. Due to this wider scope, there can be income that is classified as "income from other source" under income tax but since they are activities incidental to the business, they will be considered supply and there GST will be levied.

In short, some of the other source income can be taxable. It depends solely on the nature of income.

sabyasachi mukherjee (26047 Points)
Replied 29 December 2020

One is direct tax and another is indirect tax.

Balamurali Unnithan MS (STUDENT) (1631 Points)
Replied 29 December 2020

If , other sources not forming part of your business income , thats not taxable!

sabyasachi mukherjee (26047 Points)
Replied 29 December 2020

Income from other sources is commonly used in Income tax parlance.

There are various sources:
1.dividends
2.income from crossword puzzle
3.contributions received by an employer
4.rent from plant and machinery
5. any sum received from keyman insurance policy.

therr are others....