GST applicable for commercial rental income beyond Rs 20 lakh
Posted on: 11/Jul/2017 6:37:26 PM
The rental income sourced out of residential property will not attract any GST. However, for annual income generated more than Rs 20 lakh out of renting or leasing, there will be charges applicable.
When the house property is rented for shop or office purpose, for up to Rs 20 lakh, there will be no Goods and Service Tax.
The rental income obtained out of renting residential house is exempt. If in case the property is rented for commercial needs, and if you are making more than Rs 20 lakh, then it will be taxable.
When the taxpayer earns more than the exempted threshold, they will have to get registered with GST Network and make tax payment.
