Subscribe to CCI PRO and support your CAclubindia community. Click Here!

saving account with gst

Kamlesh Shah (MS NAV Consultant) (45 Points)

29 May 2018

Hi Experts,
proprietorship Having GST number can deposit the cheque amt around 12lac in his saving account.

please advise.

Reply
Follow
Share

4 Replies

Ravi SADhiyan (Practice) (4510 Points)
Replied 29 May 2018

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.

Upgrade to CAclubindia Pro. Subscribe Now!

Pankaj Rawat (GST Practitioner) (55057 Points)
Replied 29 May 2018

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

Vinod Babu (24196 Points)
Replied 29 May 2018

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.

1 Like

RAJA P M ("Do the Right Thing...!!!") (128106 Points)
Replied 30 May 2018

@ 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.