ABOUT SAVING ACCOUNT TRANSACTION IN GST

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This discussion addresses how to handle business income received in a personal savings account, particularly through platforms like Google Pay, for a GST-registered firm with turnover exceeding 16 lakhs. If the funds are for sales where GST has already been charged, no further action is needed. However, if payments are received without corresponding bills, GST must be charged, and appropriate bills issued.

krishna jethe

krishna jethe (Querist)

28 February 2024 IN PROPRIETOR GST REGISTERD FIRM SOME BUSINESS MONEY RECEIVED IN SAVING ACCOUNT BY GOOGLE PAY
& TURN OVER GOES 16 LAC+.
NOW WHAT SHOULD I DISCLOSE IN ACCOUNTS BOOKS IN

RAJA P M

RAJA P M (Expert)

29 February 2024 If payment received against sales then no issues. Bcoz, You already charged GST on sales. But, in case the amount received without bills then GST will be charge and issue bills...

krishna jethe

krishna jethe (Querist)

01 March 2024 Thanks For valuable Reply. thanks

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