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Accepting money into savings account

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Aniket Deshpande

20 Points Posted on 30 July 2021

Hi,

I have an OPC pvt ltd with GST.

Some clients of mine don't want to pay GST can I accept such money into savings account?

Turnover of OPC is below the threshold of 20 lakhs.

Thanks in advance.

Replies (6)

Quick Summary

This discussion clarifies whether you can accept payments from clients who don't want to pay GST into your personal savings account, especially for an OPC Pvt Ltd. It explains that for an OPC, payments must go into a business current account, not a personal savings account, as the company and individual are legally distinct. However, for a proprietorship, it's generally acceptable as the business and owner are treated as the same entity for tax purposes.

Nidhi

Chief Accountant

3150 Points Posted on 30 July 2021

If you have issued bill to clients from OPC Pvt Ltd, than you can't accept payment of same in your personal savings account.

otherwise there is a way...

Aniket Deshpande

20 Points Posted on 30 July 2021

No not from OPC I issue personal invoice.

CA. Sourav Sarkar

Chartered Accountant

24588 Points Posted on 30 July 2021

You should receive such amount in current account

Aniket Deshpande

20 Points Posted on 30 July 2021

If I have a proprietarship firm and receive in its current account then is it alright?

CMA Poornima Madhava

CMA

13117 Points Posted on 30 July 2021

OPC and you as an individual are different persons in law. So if you accept payments in to your savings account, you will be liable for tax in the individual capacity with respect to the same.

But if you have a proprietorship concern, it makes no difference because both the proprietorship concern and the proprietor are treated as the same person for gst and IT.