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rent income with retail

Sanjay Sanjay (50 Points)

28 July 2017

I have retail shop and also rent income can I go with composition scheem

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Gopal Kumar Gupta (Accounts & Tax Consultant) (206 Points)
Replied 28 July 2017

no.You can opt for composite scheme as rental income will be treated as supply of service. Currently service provider can't opt for composite scheme except restaurant.u have to take normal registration for retail shop and rental income if all the total turnover exceed Rs. 20 lk.

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Gopal Kumar Gupta (Accounts & Tax Consultant) (206 Points)
Replied 28 July 2017

Sanjay Sanjay (50 Points)
Replied 28 July 2017

total turnover for this year 17-18 or 16-17

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Gopal Kumar Gupta (Accounts & Tax Consultant) (206 Points)
Replied 28 July 2017

Financial year 17-18 will be the year in which you will be liable .

Sanjay Sanjay (50 Points)
Replied 28 July 2017

if my turnover blow 20 lakh in 17-18 then

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Gopal Kumar Gupta (Accounts & Tax Consultant) (206 Points)
Replied 28 July 2017

No liability to get gst registration till Rs. 20 lk in the FY 17-18

Keshav Kakar (82 Points)
Replied 28 July 2017

what's the position if rental is less than rs.20lacs in one state and business in another state and business is registered under GST. Does registration required for rent in the state where property is located ?