13 November 2017
Dear sir, Am from service sector. As rule GST is not applicable upto of 20 lac. But being in service field we have to pay the online remittance on behalf of clients, it's always higher than fees we charge ( Bill we raise). Then obviously bank Transaction cross the limit of 20 lac.
But my qustion is 20 lacks limit is on of all bank Transaction or Bill we raise to clients?
Some experts says it's on Whole Bank Transaction Some other says it's only on bill we raise. Am very confused. Please can anybody help?
14 November 2017
Rs.20 lakhs is for the bills that you have raised. But there has to be parity between the bills that you raised and the amount that you have received. Since you have received more amount than the bills raised, you need to have proper explanation for the same during assessment.
CAclubindia
