If GST Reg. person has Rent Income from HP - Treatment?
This query is : Resolved
27 June 2020
‘A’ and ‘B’ co-owned a house property having 2 rooms (50% share each). One room is given for rent for residential purpose,i.e., as paying guest, food charges to be taken extra. 2nd room is given to some proprietorship for for running its business,i.e., for commercial purpose.
‘A’ is salaried person & ‘B’ has proprietorship business having GST registration.
For e.g.: rent received p.m. from 1st room is Rs.8,000 & 2nd room is Rs.15,000.
Queries are:
1)Whether ‘A’ and ‘B’ has to issue separate invoice to their tenants being Normal Invoice by ‘A’ and GST invoice by ‘B’ and the food charges, electricity recovered to be included in the taxable value?
2)If ‘B’ has to issue GST invoice, whether he has to maintain separate serial number?
3)Whether any exemption is available under GST for rent received for for residential purpose?
4) How to deal this rent turnover in Annual Return,i.e., GSTR-9?
‘A’ is salaried person & ‘B’ has proprietorship business having GST registration.
For e.g.: rent received p.m. from 1st room is Rs.8,000 & 2nd room is Rs.15,000.
Queries are:
1)Whether ‘A’ and ‘B’ has to issue separate invoice to their tenants being Normal Invoice by ‘A’ and GST invoice by ‘B’ and the food charges, electricity recovered to be included in the taxable value?
2)If ‘B’ has to issue GST invoice, whether he has to maintain separate serial number?
3)Whether any exemption is available under GST for rent received for for residential purpose?
4) How to deal this rent turnover in Annual Return,i.e., GSTR-9?
27 June 2020
1 ‘A’ and ‘B’ has to issue separate invoice to their tenants being Normal Invoice by ‘A’ and GST invoice by ‘B’ and with 5% on food charges, electricity recovered not to be included in the taxable value.
2 yes, separate serial number required.
3 Rent received for residential purpose is exempt.
4 Show it under exempt turnover.
2 yes, separate serial number required.
3 Rent received for residential purpose is exempt.
4 Show it under exempt turnover.
Message likes :
1 times
27 June 2020
1. GST is to be charged on rent received from renting any immovable property let out for business or commercial purposes provided the threshold of Rs.20 lakh in a Financial year.
So rent from residential purpose is GST exempt.
And GST to be applicable on rent from from Commercial purpose if threshold is crossed.
2. If the threshold is crossed and GST becomes applicable, separate accounting and record keeping is required, and combined data of all other businesses to be reported while filing returns under GST.
3. Already shared, rent received from property given for residential purpose is exempt from GST.
4. All the returns under GST at to be filed GSTIN wise and not separate business wise. Thus all the figures from separate businesses to be combined for all such filings.
So rent from residential purpose is GST exempt.
And GST to be applicable on rent from from Commercial purpose if threshold is crossed.
2. If the threshold is crossed and GST becomes applicable, separate accounting and record keeping is required, and combined data of all other businesses to be reported while filing returns under GST.
3. Already shared, rent received from property given for residential purpose is exempt from GST.
4. All the returns under GST at to be filed GSTIN wise and not separate business wise. Thus all the figures from separate businesses to be combined for all such filings.
Message likes :
1 times
28 June 2020
Welcome........................
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- ITC temporary reversal and reclaim
- GST on export of services and Input Credit
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- Inventory of finished goods
- Applicable TDS rate for sale of property in Nov 2024
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- Should I report my US salary for January, February, March in Schedule FA?
- GST ON EXPORT COMMISSION
- Sale of property furniture sale
- BUYING PROPERTY COULD NOT FILE 26QB
- Gst input for FY 23-24
- Regarding Waiver of Interest levied u/s 50 of PGST/CGST Act
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
Trending Online Classes
CAclubindia
