The government will be sourcing revenue from all around the corners in order to make a multi diverse revenue collection structure. This time new rules are pointing that any revenue or earning exceeding INR 20 lakh annually threshold accounting from renting and commercial leasing purpose will be attracting the GST from now onwards.
The revenue secretary also mentioned that up till INR 20 lakh on the leasing and renting of shops and commercial space is out of GST ambit. He also mentioned that “Rental income received from the residential house is exempt. But if you have given your unit to commercial enterprise, then it is taxable if you are getting more than Rs 20 lakh as rent.”
All this was explained in the GST Master Class session going on live social media and national TV started from 6th of July till 12th of July. It has been clearly mentioned that those who exceed this threshold limit must be enrolled in GST network and should be paying taxes regularly.
GSTN Chief Executive Prakash Kumar further clarified that as many as 69.32 lakhs of taxpayers have registered for the GST as there were 80 lakh taxpayers in the diverse tax structure registered earlier. The revenue secretary also detailed some important information regarding the registration and other portal related issues.
Hansmukh Adhia added that “the facility to amend the details of businesses provided to the GSTN portal at the time of registration will open on July 17. Also, registration for GST practitioners will open on the same day.”
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