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Money transfer business

31 August 2016

One my friend does Money Transfer Business, he gets only 1.5% commission on transfer but in the bank statement there will be more than 1 crore cash deposit how we can his return other then tax audit

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2 Replies

J. K. Ratan (Compliance Advisor) (794 Points)
Replied 31 August 2016

Dear Sir

If your client is working as commission agent than you have to consider only commission amount as Income.

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KAVITHA KANAGARAJ (2 Points)
Replied 23 August 2018

I am a Domestic Money Transfer Agent. My Gross Receipts (commission amount received from customers) are below 20 lakhs only. But I registered myself with GST under the impression that I can show NIL return because the commission (turn over) is less than 20 lacs only. Should I still pay GST @ 18% to Government or Not? I am not charging anything extra from my customers as GST seperately. If I start charging 18% GST, I will lose my business bcoz the next shop guy who is not registered with GST is not charging this 18%. So customers don't come to me. Please give me an idea on how to deal with it!