Commercial rental income beyond Rs 20 lacs to attract GST, says Hasmukh Adhia
The Revenue Secretary Hasmukh Adhia said that the rental income above Rs. 20 lacs per annum from leasing or renting for commercial purposes would attract GST. He further clarified that rental income from residential house is exempt but it is taxable only if the residential property is rented for commercial purpose with the income above Rs. 20 lacs per annum. No GST will be levied up to Rs. 20 lacs. It would be mandatory for the taxpayer earning above the aforesaid limit to get registered with the GST Network. GSTN Chief Executive Prakash Kumar confirmed registration of 38.51 lacs assessees.
Tags : News/Views