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Question & Answer


S

Saurav

10 Dec 2018

I have a small firm (not yet registered) and I take properties on rent from Owners at amount 'X' and then sublet them at 'X+Y'. Assuming that '(X+Y)*12'>20L on what amount do I need to pay GST?
I am paying the X amount back to the owner, Y is my services + profit.

CA Yash Jain 10 Dec 2018
GST would be on total turnover of yours under SAC 9972 ...
in case landlord charges GST to you ... that would be input credit for your case
hence ... output would be .18*(x+y) & input would be .18*(X) hence you would be pay GST on only y portion. But individual owners wont charge me GST because individually their rent intake won't cross 20L per annum, it's only for me that the cumulative rents from multiple owners will cross 20L.

No Reply  


S

Saurav

10 Dec 2018

I have a small firm (not yet registered) and I take properties on rent from Owners at amount 'X' and then sublet them at 'X+Y'. Assuming that '(X+Y)*12'>20L on what amount do I need to pay GST?
I am paying the X amount back to the owner, Y is my services + profit.

Replies (2)                          

Jha A k & Co       10 Dec 2018

01.you need to pay GST on X+Y.

CA Yash Jain       10 Dec 2018

GST would be on total turnover of yours under SAC 9972 ...
in case landlord charges GST to you ... that would be input credit for your case
hence ... output would be .18*(x+y) & input would be .18*(X) hence you would be pay GST on only y portion.

I hope it is understood

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A

Ajay Kale

9 Dec 2018

Hi

I am proprietor of the business officially on paper, with Shopact license registered on my name..
But my son handles all the details of the business and all the business payments transactions is though my son's bank account.
In short, business is done thought and with my son's bank account.

I want GST registration because of 'Selling though E-Commerce portal'

So question is - What will be correct way while GST registration in this c ase -
To add bank account of my own(Proprietor himself) ?
OR
To add actual bank account(of my son) used for business transactions ?

Please guide

Replies (1)                          

CA Yash Jain       10 Dec 2018

1.You would have to add your bank account
2.You can open current account in shop name give authorization to run bank account in the name of your son,
3.Take online banking login details so that there is no much hurdles where your signature wouldn't be required.

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G

Gupta Gupta

8 Dec 2018

Need a pan card to join TCS?

No Reply  


A

Aawhan

5 Dec 2018

How much income tax on house gift deed

Replies (1)                          

CA Abhishek Sinha       6 Dec 2018

Hi, It depends on whom you want to gift
If it falls under relatives definition of IT act, No tax else tax as per slab rates

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