[ecis2016.org] Rental income from residential property has been exempt from GST but any earning over Rs 20 lakhs annually, from renting or leasing for commercial purposes, would attract the levy
Revenue Secretary Hasmukh Adhia, on July 10, 2017, clarified that if a house property is rent out for shop or office purposes, no Goods and Services Tax (GST) will be levied up to Rs 20 lakhs.
You are reading: Rental income beyond Rs 20 lakhs to attract GST
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“Rental income received from residential house is exempt. However, if you have given your unit to a commercial enterprise, then, it is taxable if you are getting more than Rs 20 lakhs as rent,” Adhia said at the GST Master Class. A tax payer who earns more than the exempted threshold, will have to register with the GST Network and pay taxes.
GSTN chief executive Prakash Kumar, said that as many as 69.32 lakh registered excise, service tax and VAT payers, have migrated to the GSTN portal. There are over 80 lakh such assessees, in the earlier indirect taxation regime. Out of the 69.32 lakh, as many as 38.51 lakh have completed the entire registration process and the registration certificate is being issued to them.
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The remaining 30.8 lakh tax payers are being sent SMS and emails by the GSTN, so that they complete the registration process by giving the details of the business, like main place of business, additional place of business, promoters’ details, etc. Besides, over 4.5 lakh new assessees have registered on the GSTN portal since June 25, 2017.
Adhia further said that the facility, to amend the details of businesses provided to the GSTN portal at the time of registration, will open on July 17, 2017. Also, registration for GST practitioners will open on the same day. Besides, cancellation of registration, can also be done online.
Source: https://ecis2016.org/.
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Source: https://ecis2016.org
Category: Lifestyle
