30/08/2021 Accounting - Finance
Renting immovable property in India is a taxable service and would attract GST @18%. Provisions in GST for rental income from shop, office, or residence are explained. Visit taxgyata.com to learn everything about GST on rental income in India.
A composition scheme is an optional scheme of levy of tax available for small taxpayers in the GST regime. Earlier, the scheme was available to only the suppliers of goods. However, notification no 2/2019-Central Tax (Rate) notified the composition scheme for the supplier of service also from 1 April 2019. Under this scheme, tax is levied at a reduced rate with fewer GST compliances.
Service providers having an annual turnover of less than Rs 50 lakhs can opt for a composition scheme in GST. Landlord opting for a composition scheme is required to pay GST at a rate of 6% subject to certain conditions & restrictions.
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