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Rental Income From Commercial Enterprise Over Rs. 20 Lakhs Per Year Shall Attract GST
GST excludes residential rental income however if the property is rented or leased out for carrying commercial activity and it makes an annual income of over Rs. 20 lakhs then GST is payable.
Though rental income from residential property has been excluded from the GST net, nonetheless any income earned over Rs. 20 lakhs in a year by renting or leasing an establishment for commercial reasons shall attract GST.
Revenue Secretary Hasmukh Adhia said "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".
To comply with the provisions of GST and pay the applicable taxes, those taxpayers earning beyond the exempt threshold limit will have to register themselves with the GSTN and pay tax. The revenue secretary also said that the window to get the details amended for the business registered with the GSTN shall open on July 17. And it is on the same day that GST practioners will be able to register themselves. The cancellation of registrations under GSTN is however available online.
In respect of the registration under GSTN, GSTN executive said that majority of taxpayers earlier part of the indirect tax regime have successfully migrated to the GSTN and those who have not are being sent an SMS as well as mails to complete the process at the earliest for which they are required to provide business details including main place of activity of business, additional place and promoter details.
Also, since June 25, as many as 4.5 lakh new assesses have enrolled under the GSTN.
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