Cash sales
This query is : Resolved
Rakesh Sharma
(Querist)
14 April 2016
Dear Experts,
One of my friend is running a proprietor concern & selling some goods in cash in a single day i.e. Rs. 42,500/- on dtd. 04-04-2016, Rs. 24220/- on dtd. 06-04-2016 & Rs. 33140/- on dtd. 11-04-2016 to a local party who has not registered in Sales Tax. Can we do the same? Is there any obligation? Purchaser has not any PAN.
PLease advise
One of my friend is running a proprietor concern & selling some goods in cash in a single day i.e. Rs. 42,500/- on dtd. 04-04-2016, Rs. 24220/- on dtd. 06-04-2016 & Rs. 33140/- on dtd. 11-04-2016 to a local party who has not registered in Sales Tax. Can we do the same? Is there any obligation? Purchaser has not any PAN.
PLease advise
Murtaza I Bhagat
(Expert)
14 April 2016
There is no problem in cash sales for seller under any vat act. problem have to be faced by the party who is not registered under vat act who is liable to get registered and doing high cash purchases.
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