LIVE GST Certification Course by CA Arun Chhajer begins 27th April. Register Now!!

Form 61a

anonymous (proprietor) (237 Points)

20 May 2017

I have billed Party A the following bills in a single day

Bill 1: 150000

Bill 2: 170000

Bill 3: 150000

In respect of the above bills I have received cash in the following tranactions on different dates

Payment 1: 190000

Payment 2: 190000

Payment 3: 90000

I am taking a stand that since I have not received cash exceeding 2 lakhs per transction (bill basis), I am not covered under Section 114E. Please clarify if I am interpreting the law correctly.

Reply
Follow
Share

8 Replies

Mayur (Partner @ Mayur Thakkar & Co.) (3111 Points)
Replied 20 May 2017

yes. you are correct. as per the clarification issued by department it says that in case of business entity aggregate rule does not apply for sale transactions.

1 Like

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (160327 Points)
Replied 20 May 2017

"I have billed Party A the following bills in a single day"

The aggregate of bills is taken on single day for same party A, So, based on cash sale on single day, you are required to report the transaction.

1 Like

Mayur (Partner @ Mayur Thakkar & Co.) (3111 Points)
Replied 20 May 2017

Sir I doubt.

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (160327 Points)
Replied 20 May 2017

Yes, that way it is easy to break a single transaction into multiple cash bills on same day!!

Secondly cash receipts are also not corresponding to any particular bill, but aggregating them.

Do you think anyone need to report cash transaction under SFT in this manner?

1 Like

Mayur (Partner @ Mayur Thakkar & Co.) (3111 Points)
Replied 21 May 2017

Sir I agree

1 Like

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (160327 Points)
Replied 21 May 2017


	yes. you are correct. as per the clarification issued by department it says that in case of business entity aggregate rule does not apply for sale transactions.

YES. As per CBDT notifications, aggregation in case of sales/receipts is not taken for WHOLE year ; but can it be extended for all the transactions during a SINGLE DAY?

And the charm is the transaction might be single only, but query could be for just escapment!!

1 Like