Will Gst payable under reverse charge for renting of premises for business use and provider turnover is less than rs 1000000 in existing act

Yes, Section 9(4) of CGST Act’2017 says:  The central tax in respect of the supply of taxable goods or services or both by a supplier, who is not registered, to a registered person shall be paid by such person on reverse charge basis as the recipient and all the provisions of this Act shall apply to such recipient as if he is the person liable for paying the tax in relation to the supply of such goods or services or both. 

Such Tax paid under reverse charge mechanism is available as ITC to the registered recipient person. But registered person shall avail credit of this ITC only if such input supply is not otherwise specifically mentioned, to be of category of supplies on which ITC is restricted under this Act.