saving account with gst

Originally posted by : Kamlesh Shah
	Hi Experts, proprietorship Having GST number can deposit the cheque amt around 12lac in his saving account.please advise.

GST and Banking are not inter-related.

 

 

Yes , u can , No GST applicable , Dr the capital account

Actually why are operating business transactions in saving business. For huge amount or business purpose you must take current account and operate it.

There is no such limit in case you have provided the PAN and your KYC formalities are completed.

any one can safely deposit upto Rs. 250,000.00 in the amount, probably without much questioning. If the amount deposited is above Rs. 250,000.00 IT Department will definitely track any deposit above certain amount, but if it well declared and legitimate, no questions will follow, no penalty, Other wise Income Tax may be imposed at the highest applicable rate, plus a 200% penalty may also be levied.

@ Mr. Kamlesh.,

Yes... You can.
No more restriction for the deposit amount through cheque.
No more questions from ITD. But, Just keep Your regards from where you get from the Payment..


Also better to transact in Current Account.