Aggarwal K L (Buisness) (48 Points)
30 June 2017Dear Sir,
I am an Industrialist. My previous annual turnover is 90lacs. I am registered in GST as my sales will be near around 90lacs annually.
I have also rented some industrial sheds, for which i receive rent.
i want to know, whehter 20lacs limit of rent income applies on me as i am already registered in gst and my turnover is 90lacs.
and if no then what is gst rate on rental income of indusrtial shed.
and does i will get its credit or not.
please guide me.
Vipul Maheshwari
(Goods and Services Tax Consultant)
(208 Points)
Replied 30 June 2017
1) Aggregate turnover includes taxable,exempt, non taxable supply (90lakhs + rental income)
2) Yes turnover includes Rental income
2) GST is applicable on rented industrial shed ,GST Rate is 18%
3) You can take Input tax credit of all input ,input services, (telephone charges and like) capital goods
4) Single registration is required .
Vipul Maheshwari
(Goods and Services Tax Consultant)
(208 Points)
Replied 30 June 2017
1) Aggregate turnover includes taxable,exempt, non taxable supply (90lakhs + rental income)
2) Yes turnover includes Rental income
2) GST is applicable on rented industrial shed ,GST Rate is 18%
3) You can take Input tax credit of all input ,input services, (telephone charges and like) capital goods
4) Single registration is required .
P C Agrawal
(Registered independent director Past Chairman of Aurangabad Chapter of ICSI Practicing Company Secretary at Aurangabad)
(8229 Points)
Replied 30 June 2017
Above is true if both business income and rental income are under same PAN.
Salil Aggarwal
(2 Points)
Replied 13 August 2017
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
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