Gst on earning
jasud Babasaheb
(Querist) 10 May 2021
This query is : Resolved
One of my clients getting Approx. 5 Cr credit in his account every march end to shuttle his bank loan account, now my question is, will that amount will attract GST, if yes then he has to pay GST to government or Not
The amount of 5CR which are coming from other borrowers account to his account from the same bank, where he has loan account.... Is this transaction are legal transaction?
Dr J C Vashista
(Expert) 11 May 2021
It is advisable to consult and engage a local prudent chartered accountant for professional guidance and necessary proceeding.
Sankaranarayanan
(Expert) 11 May 2021
How the deposit amount related to GST? If the money deposited to your friend account then both of them will liable to answer to the Income tax authority. You said every March then what you did last March?
T. Kalaiselvan, Advocate
(Expert) 12 May 2021
The goods and services tax (GST) is a value-added tax levied on most goods and services sold for domestic consumption. The GST is paid by consumers, but it is remitted to the government by the businesses selling the goods and services.
The deposits made by someone to your bank account every year March is not for any supply or services.
This may come under your income from other sources, for which you would liable to pay income tax appropriately.
