Fees received in savings account

I have a current account. I am also a GST registered person. My current account is linked with my GST number.
I receive some of my fees in my personal savings account. Is it ok to receive fees, on which GST has been charged, in my savings account ?

Thanks & Regards
Replies (6)
Quick Summary
If you're a GST-registered sole proprietor, you can generally receive business fees, even those with GST charged, in your personal savings account. While permissible, it's advisable to transfer these funds to your business current account to maintain clear financial records. The amount received, whether large or small, does not affect this allowance, but keeping a detailed record of all business transactions is essential.

Yes you can receive fees on savings account, no problem but you should transfer such fees to your current account
You are doing business as proprietorship?
@ SagarJaiswal,
Yes
Then no issue you can receive fees in your personal account.But keep a record of business transaction.
Does the size of amount received matter ?
I mean if the amount is in lakhs, still it doesn't matter ?
No doesn't matter.

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register