we have a five bus. we r Unregistered in GST. we provide bus to local factory. the Factory use my bus to carry staff and school students of their staff and worker.
we received this contract from November 2018. we received Monthly rent of RS 200000/-.
now question is should I obtain GST registration because we have rental income will be 1000000/- in FY 18-19 which is less of threshold limit.
If I obtain GST registration should I take ITC of my expenses like maintenance of bus. office rent, telephone expense. bank charges.bus insurance etc..
one more question Factory should take ItC from my rental bill
Yes if you obtain the registration.then you can claim ITC.
Since threshold limit for service 20 lakhs for service.
in future you may be required to register.
CAclubindia
