Advanceses large amount
This query is : Resolved
29 June 2021
Sir,
A gst exempted goods trading business person sales of annual turnover rs:1.25 crores .but advanceses from traders amount rs:50 lacs during f.y.20-21 for trading purposes received.
Question:
1.Trader rs:50 lacs amount advances from trader balance show in books allowed in it act.
2.any problems future.
A gst exempted goods trading business person sales of annual turnover rs:1.25 crores .but advanceses from traders amount rs:50 lacs during f.y.20-21 for trading purposes received.
Question:
1.Trader rs:50 lacs amount advances from trader balance show in books allowed in it act.
2.any problems future.
29 June 2021
1 it's allowed in IT Act. Confirmation may be required from traders in case of doubt.
2 No problem in case of genuine transaction.
2 No problem in case of genuine transaction.
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