Registration is required when turnover exceeds 20 lakhs in a year, for special states it is 10 lakhs.
Since for each co-owner the turnover will not exceed 20 lakhs registration is not required.
Now coming to second part, what will be impact of GST. Whether GST will be levied on renting of commercial business place or not?
Even if owners do not charge GST, company using your premises need to pay GST under RCM. So for your requirement for registration has ceased with this arrangement but GST still be charged, though not by you but under RCM.
chatCommentsA Registered Dealer pays rental for his office. The building owner is an individual. Should the Dealer pay GST on the Rent paid, if the owner is not registered?. What is the rate of RCM to be paid ?. For minimum what rent will RCM will be effected ?. Will the Dealer get ITC for the same ? - Basheer PMYes tax needs to be paid under RCM. Rate is 18% and dealer will get ITC benefit only after payment of tax to government. - Pulkit SharmaThanks Sir. Is there any monthly rent limit, below which we need not pay GST on Rent - Basheer PM5000 per day from unregistered dealers. If rent below 5000 then needs to be checked. - Pulkit Sharma