Go AD-Free with CAclubindia Pro and get a FREE CCI Coffee Mug. Subscribe Now!

GST - immovable property

26 January 2018

My client has a trading business having turnover of 18 lakhs and he’s registered under gst (proprietor) .. he has one commercial property given on rent for ₹3 lakhs If we consider both the turnover and receipt from gst It amounts to more thn 20 lakh My question is 1- is rent recieved is taxable under gst2- if yes ?how to raise invoice to tenant ... I mean under the trade name of the business or clients personal name 3- if invoice is issued on a personal name than how to file GSTR 1 in the name of trade ? Because while filing GSTR1 as u mention the GSTR Of buyer or service reciever he wil get credit under the TRADE NAME.4- if invoice is issued under business name than it will come under p

Reply
Follow
Share

6 Replies

RAJA P M ("Do the Right Thing...!!!") (128101 Points)
Replied 26 January 2018

1. Yes the Rent is Taxable Supplies. If total T/O exceeds Rs. 20lakhs (Trading Business + Commercial Rent)

2. You can raise Invoice from Individual name or Firm name. But, Using the GSTIN. So, Here GSTIN is the main object....

3. If you issued invoice for Personal name then You can use other series of Invoice number and Use it at the time of return. But, Use the GSTIN it's. Bcoz, It's same, No more changes...

4. ....???

1 Like

Upgrade to CAclubindia Pro. Subscribe Now!

irshad (Accountant) (42 Points)
Replied 26 January 2018

Your client should be registered person, raise the invoice in the name of firm.

ask your client to provide GST Number.

once your enter the gstr1 detail as mensioning gst number the firm name of your client automatic show in portal.

1 Like

sagar kaurani (-) (44 Points)
Replied 26 January 2018

4th question is . if i use GSTN of trade name to issue invoice on rent... do i have to show rent recieved in business P&L account..

i mean do i have to consider it as business income

or same as income for HP for Direct tax Purpose..?

sharat (Unemployed) (135 Points)
Replied 26 January 2018

your client has taken voluntary registration..hence all gst provisions shall be applicable.raisng invoices,input credits etc,,.
he has to raise tax invoice for the rent collected.about the income tax purpose..rent received shall b seemed to b taxed under income income from hous property

RAJA P M ("Do the Right Thing...!!!") (128101 Points)
Replied 26 January 2018

Originally posted by : sagar kaurani
	4th question is . if i use GSTN of trade name to issue invoice on rent... do i have to show rent recieved in business P&L account.. i mean do i have to consider it as business income or same as income for HP for Direct tax Purpose..?

IDT : It will be treated as Business transactions under GST and You will be create Tax Invoice..

DT : It is treated as IFHP...

1 Like

Upgrade to CAclubindia Pro. Subscribe Now!

sagar kaurani (-) (44 Points)
Replied 08 February 2018

Do my client need to amend the registration ??I mean while taking registration he had mentioned only HSN of the goods in wch he trades ...So does he need to amend and mention SAC code ??