One of my client is doing jcb Services. He is having around 2.5 lakh per month Emi for loan. Now he wanted to take gst registration as he is taking new Jcb worth 26 lakh. He is depositing cash worth 2.5 lakh monthly to his Account in order to pay loan. If he deposit so much amount to his account, whether that is taken it as business income ? Whether he is liable to pay gst on such deposit at 18%?
It is very difficult to him pay so much amount as Gst, as he is not getting any input on daily basis. He also pays around 20k to fuel from which he is not getting any input as diesel is exempt from Gst.
What is the solution ? Whether he has to take gst registration or not ?
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Gst on Jcb Work
Replies (1)
As if he is depositing 2.5 lac case per month in Bank , then it is computed that his aggregate turnover p.a is 30 lac (Not included the expenses & withdrawal) . So to meet out the cash deposit & expenses yes this is definitely will treated as his business income.
Yes GST will be applicable.
Yes GST will be applicable.
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