20 lac limit
This query is : Resolved
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?
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
No....
The ceiling limit is only for Outward Supplies like Sales and Services. Not for Receipts and Payments....
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.
Message likes :
1 times
15 November 2017
Thank you Sir / Madam ..
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- REGARDING GST ON COMMERICIAL PROPERTY
- Is this income indian or foreign income?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- TDS U/S. 194NF
- GST on export of services and Input Credit
- ITC temporary reversal and reclaim
- Applicable TDS rate for sale of property in Nov 2024
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- Event company query
- MIS MATCH OF INVOICE NUMBER
- VERIFICATION OF REFUND RELATED
- GST Regis.
- ITC c/f from FY2022-23 to FY2023-24 entered the same in table 8C of GSTR9 of FY 2022-23, in FY23-24
- Late filling fees Demand by gst office
- IGST Credit-Show cause notice issued-confusion
- Short and Excess provision of expenses
- Issue of gst e invoice
- Interchangeable words in accounts
Trending Online Classes
CAclubindia
