The latest announcement on rental income has created inquisitiveness
among the people. Taxpayers earning from their commercial or residential
property should pay attention to this new rule revealed by Hasmukh Adhia.
According to the words of Revenue Secretary, GST will be levied, if you receive rental income from a commercial property that exceeds Rs. 20 lakh per annum. However, residential properties are exempted from this rule but people earning from commercial ones should take GST number if their rental receivables are above Rs. 20 lakhs per year.
He also clarified that if a person is renting their residential property for commercial use and rental income from this property is above the prescribed limit of Rs. 20 lakh, then he or she will have to pay GST as directed. All such landlords need to register at GST network and pay their taxes uninterruptedly. The taxpayers coming under this provision should do the needful to become compliant with the new rule.
Prakash Kumar the Chief Executive GSTN said that more than 69.32 lakh taxpayers who were registered with different tax regimes– service tax, VAT, excise, etc. are already transmitted to GSTN portal. The numbers of assessees under these indirect taxes were around 80 lakhs.
Nearly 38.91 lakhs out of 69.32 lakhs migrants have completed the entire process of registration and certificate is also issued for the same. Rest of the migrants have been pushed or followed through SMS and emails, urging them to complete the procedure. Remaining 30.8 lakh taxpayers are requested to furnish the business details – place of business, additional business premises (if any), promoters’ details, and other information.
Apart from that, over 4.5 lakh new entities have been registered under the new tax regime of GSTN portal. Registration for the new entrants has started from 25th June and since then; reaching this figure is a huge achievement. Facility of amending any detail of business furnished in GSTN portal at the time of registration will open from 17th July.
Registered members can visit GSTN portal on or after this date and change their details if required. Registration of GSTN practitioners will also open on the same date i.e. 17th July 2017. Interested professionals should start enrolling their services on the portal.
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