HiI am the owner of Harish CCTV services pvt ltd, Bangalore. My company lets out exorbitant CCTVs t…
Hi
I am the owner of Harish CCTV services pvt ltd, Bangalore. My company lets out exorbitant CCTVs to customers on a 7 year lease. As of now, I have a total of 12 customers and total monthly revenue totals to around 13,500 per month.
After the lease period, the CCTV are handed over to the customers with no extra charges. This year, we have collected advance amount of Rs 75000 per cctv from each customer. They deducted TDS 2% and paid the amount.
My question is, with the implementation of GST, should we charge GST @18% for such payments by registering under GST or since out turnover is less than 20 lakhs, ask those parties to charge GST under Reverse charge mechanism?
One thing about GST as of today is that it is inevitable. The cap of 20 lakhs will soon be reduced within some time. It is always better to register under GST and get used to it from the start.
If not, well, since your turnover is less than that of Rs 20 lakhs, you can opt not to register and ask your customers (considering they are registered) to charge GST from you under reverse charge mechanism @18%
