If Bank Interest and Rent Income are part of Turnover for GST Threshold limit of 20/10 lacs ?
3 Replies
Vijayprakash P
(1313 Points)
Replied 14 July 2020
Aggregate turnover is the sum total of all supplies. ie. Taxable+Exempt+Non Taxable + Export.
Amit
(CA Practice )
(107 Points)
Replied 15 July 2020
Sir,
Please specify about bank Interst Income and Rent Income from Residential Property when both are not part of business/profession.
Example :
Saving A/C Interest 1 lac
Bank Term Deposit Interest 15 lac
Rent of Residetial House 3 lac
Rent From Commercial Shop 2 lac
Total 21 lac
If the registration of GST is required in the abovementioned case ? And if yes how much GST is payable ?
Sagar Patel
(Tax and Business Consultant)
(11611 Points)
Replied 18 July 2020
Aggregate turnover is the sum total of all supplies. ie. Taxable, Exempt, Nil rated, Zero rated, and non GST supply..
As your aggregate turnover is more than 20 lakhs your are required to take registration
GST is payable only on Rent From Commercial Shop of 2 lac. all other are exempt from GST
As your aggregate turnover is more than 20 lakhs your are required to take registration
GST is payable only on Rent From Commercial Shop of 2 lac. all other are exempt from GST
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