GST to apply on rental income beyond Rs 20 lakh - RS
PrintListen to this Article
Revenue secretary Hasmukh Adhia said that if the house property is rent out for shop or office purpose, no GST will be levied up to Rs20 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 Rs20 lakh as rent,” Adhia said at the GST Master Class.
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 certificate 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 25 June. 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 17 July. Also, registration for GST practioners will open on the same day. Besides, cancellation of registration can be done online. #casansaar (Source - PTI, LiveMint)
Category : GST | Comments : 0 | Hits : 1753
TEST
Dear Taxpayers, 1. GSTN is pleased to inform that an enhanced version of the GST portal would be launched on 3rd May 2024. The effort is to improve user experience and ensure that the information you need is accessible and easy to navigate. 2. Key Enhancements Include (PDF with screenshots attached): i. News and Updates Section: We have introduced a dedicated tab for all news and updates. This section now includes a bet...
The Supreme Court on Friday issued notices to the central government, the Central Board of Indirect Taxes and Customs (CBIC), the Goods and Services (GST) Council and the National Anti-Profiteering Authority (its functions have been taken over by the Competition Commission of India) on a petition challenging a Delhi High Court verdict, upholding the constitutional validity of anti-profiteering provisions filed by a real estate company. The petition, filed by Swati Realty, says the high court ...
The delectable Malabar Parota will taste even better with the Kerala High Court ruling that the popular flatbread will attract GST at 5 per cent and not 18 per cent. With this the court has turned down order by the State’s Authority of Advance Ruling (AAR) and Appellate Authority for Advance Ruling (AAAR). Disposing a petition by Kochi-based Modern Food Enterprises, a single judge bench of Justice Dinesh Kumar Singh said if key inputs (cereals, flour, starch, etc) and preparations are s...
A businessman from Delhi was taken into custody by the Noida police for his alleged involvement in a massive Rs 15,000 crore GST fraud that was exposed last year, TOI reported. Tushar Gupta, aged 39 and residing in Tilak Nagar, was arrested as the 33rd suspect in this case. The police revealed that Gupta had exploited input tax credit (ITC) using 35 fake companies, resulting in a loss of Rs 24 crore to the exchequer over the past two years. He was reportedly part of a syndicate that utiliz...
Comments