ental 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.
- The taxpayer earning more than the exempted threshold will have to register with the GST Network and pay taxes. (Reuters)
- 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.
- The taxpayer earning 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 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.
via GST impact on real estate: Rental income beyond Rs 20 lakh to attract tax – The Financial Express
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