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GST REGISTRATION REG

26 October 2020

I have only bank FD interest income About Rs.700000/ and now I get a commercial property as gift from my father .Now I would like to let out the said property to commercial purposes Rent Per month is Rs.150000/ total rental income during this year around Rs.1800000/ shall I Register with GST department for tax Payment or not because my total turnover crosses Rs.20 Lakhs(700000+1800000=2500000). Kindly clarify.

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14 Replies

sumanth (Student CA IPC / IPCC) (60 Points)
Replied 26 October 2020

Yes, you have to register under section 22 because aggregate turnover includes exempt supplies.

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MAHARAJA SELVA ESWAR (285 Points)
Replied 26 October 2020

I think u no need to register . since interest income cannot be included in your turnover.
Rental income p.a. doesn't exceed the limits .Hence you no need to register in my opinion.

ayusmita (Tax consultant) (5885 Points)
Replied 26 October 2020

When you're rent exceed 20lakh or say 20 lakhs
then you register otherwise not

Rajkumar Jain (Mgr Tax ) (33 Points)
Replied 26 October 2020

I agree with sumanth total turnover include the exempt supplies therefore interest to include for total TO and registration is applicable

JATINDER KUMAR (Accountant) (3662 Points)
Replied 26 October 2020

Agree with Mr. Sumanth reply, Turnover includes FDR interest

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Manikandan s (48 Points)
Replied 26 October 2020

Commercial Let out will come under Taxable income so you need to Register must.

MAHARAJA SELVA ESWAR (285 Points)
Replied 26 October 2020

Notification no. 12/ 2017 (central tax rate) dated 28.06.2017
As per this notification exempt supplies includes interest received by way of extending deposits . Hence I too agree with sumanth

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murali venkojiupasi (52 Points)
Replied 26 October 2020

But the Exemption was enhanced to 40 lakhs....
no need to register

MAHARAJA SELVA ESWAR (285 Points)
Replied 26 October 2020

@ murali that is applicable for supply of goods

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sumanth (Student CA IPC / IPCC) (60 Points)
Replied 26 October 2020

That exemption is for supply of goods but here our friend is involved in providing service so he can't claim that exemption.

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murali venkojiupasi (52 Points)
Replied 26 October 2020

@ maharaj selva eswar and Sumanth
thanks for Clarification 🙂

2 Like

CA. Heet Shah (Tax Consultant & Practitioner) (6180 Points)
Replied 30 October 2020

Originally posted by : MEENA VIVEK
	I have only bank FD interest income About Rs.700000/ and now I get a commercial property as gift from my father .Now I would like to let out the said property to commercial purposes Rent Per month is Rs.150000/ total rental income during this year around Rs.1800000/ shall I Register with GST department for tax Payment or not because my total turnover crosses Rs.20 Lakhs(700000+1800000=2500000). Kindly clarify.