1 / 2

Now, pay GST if you earn over Rs 20 lakh per year as rent

Read more about Now, pay GST if you earn over Rs 20 lakh per year as rent on Business Standard. The taxpayer earning more than the exempted threshold will have to register with the GST Network and<br>Read More

anikasharma
Télécharger la présentation

Now, pay GST if you earn over Rs 20 lakh per year as rent

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Now, pay GST if you earn over Rs 20 lakh per year as rent Rental income from residential property has been exempt from GST but any earning over Rs 20 lakh annually from renting or leasing for commercial purposes would attract the levy. Revenue Secretary Hasmukh Adhia said that if the house property is rent out for shop or office purpose, no Goods and Service Tax (GST) will be levied up to Rs 20 lakh. "Rental income received from residential house is exempt. But if you have given your unit to commercial enterprise, then it is taxable if you are getting more than Rs 20 lakh as rent," Adhia said at the GST Master Class. The taxpayer earning more than the exempted threshold will have to register with the GSTNetwork 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.

  2. Out of the 69.32 lakh, as many as 38.51 lakh have completed the entire registration process and registration certicate is being issued to them. The remaining 30.8 lakh taxpayers are being sent SMS and emails by 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. Besides, over 4.5 lakh new assessees have registered on the GSTN portal since June 25. 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. Also, registration for GST practioners will open on the same day. Besides, cancellation of registration can be done online.

More Related