GST on Money Transfer Business

This query is : Resolved

Gourav dewangan (Querist)
Follow

21 March 2023 Suppose Mr. Ram doing money transfer business. A customer comes to Mr. Ram and he request to Mr. Ram to transfer Rs. 100000 to his son's account. Mr. Ram charged 1% commission for this money transfer business. Hence Mr. Ram charge 1000 as commission from customer. Hence total of Rs.101000 received by Mr. Ram from customer and ram transfer Rs. 100000 to his son's account. My question is that what is the treatment for above commission and money transfer business under GST and income tax. Weather Rs. 101000 consider gross receipt and Rs. 100000 as expenditure and net Rs. 1000 as commission income in income tax. If yes than what is turnover in GST for the same. Please clarify the above case for both GST and Income tax.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
Follow

21 March 2023 Rs 1000 is the turnover under GST and income tax.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Summarize this with AI

ChatGPT Perplexity Claude Google AI Grok

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

Angadi & Co

SHUBHANGI GOEL

SUMAN SAHA

AJAY Kumar Agrawal

Pawan Haryani

Subscribe Now

GST on Money Transfer Business

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Manager- Finance and Compliance

Accountant

CA Final

GST CONSULTANCY

Article Assistant

GST CONSULTANT