Hi,
I have an OPC pvt ltd with GST.
Some clients of mine don't want to pay GST can I accept such money into savings account?
Turnover of OPC is below the threshold of 20 lakhs.
Thanks in advance.
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Accepting money into savings account
Replies (6)
If you have issued bill to clients from OPC Pvt Ltd, than you can't accept payment of same in your personal savings account.
otherwise there is a way...
otherwise there is a way...
No not from OPC I issue personal invoice.
You should receive such amount in current account
If I have a proprietarship firm and receive in its current account then is it alright?
OPC and you as an individual are different persons in law. So if you accept payments in to your savings account, you will be liable for tax in the individual capacity with respect to the same.
But if you have a proprietorship concern, it makes no difference because both the proprietorship concern and the proprietor are treated as the same person for gst and IT.
Thank you it did clarify things a lot.
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