Stulity tries to clear doubt on GST Confusion:
Income from residential property has been exempt from the
Goods and services tax (GST) however any earning over Rs20 hundred thousand
annually from dealings or leasing for business functions would attract the
levy.
If the house property is hire out
for shop or workplace purpose, no GST are levied up to 20 Lacs INR. “Rental
financial gain received from residential property is exempt. however if you've
given your unit to industrial or commercial enterprise, then it's taxable if
you're obtaining more than Rs.20Lacs as rent.
The tax payer earning larger then exempted threshold can
need to register with the GST Network and pay taxes. GSTN aforesaid that as
several as 69.32 hundred thousand registered excise, service tax and VAT payers
have migrated to the GSTN portal.
There are over 80lacs such assesses within the earlier indirect
taxation regime. Out of the 69.32 lakh, as several as 38.51lacs completed the
complete registration method and GST certificate is being issued to them.
Stulity is a fastest growing as online portal for student’s
needs. Stulity – www.stulity.com is working on Student
accommodations, books, Libraries, Chai wala, News Paper vendor, Gas wala etc.
Stulity team is working on ground to understand the problems
among students and trying hard to make students get rid of those through their
Stulity portal.
Today’s Article is all about GST on Residential property
rent because few tenants are complaining they are demanded for rent + GST tax.
That’s why Stulity team tries to clear the topic GST on residential property
rent. I Hope you like our article please don’t forget to like our page for
future updates.
Image Source: Hindustan Times
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