I would like to ask about sublet residential property need to declare GST after rental collected is over 500K.
Residential property is an exempt supply and there is no GST incur. May I know what do you mean by sublet or rental?
Our business is to rent out the residential property in sublet mean rent out by room to student.
Due to in Klang Valley rental is high so once collected rental also easily more than 500K. Do we need to declare GST?
If you are making wholly exempt supplies you need not register for GST but if you are a mixed supplies then you need to register. Do you have any other business besides rental income?
Yes, other than rental income we have charge for admin fee, late payment fee, service fee. Is these income need to declare GST?
Yes. By right you have to report all your business income in the GST-03 Return in their respective column or Box.
It mean i need to declare rental income and other income in GST 03? Or other income to GST-03?
GST tax will more than my profit if included all the business income. 🙂
Yes. You have no other alternatives.
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