Credit Bill
This query is : Open
Ch. Sai Sudha Mohan
(Querist)
17 April 2017
If Mr. X sells goods on credit to Mr. Y for an amount of Rs. 100000. Does it fall in the ambit of 269ST or T as this transaction amounts to giving loan. Also can Mr. X collect cash from Mr. Y in installments of 20000 on various dates and issue cash receipts for 20000.
17 April 2017
It will not cover u/s 269ST as the goods are sold on credit. It is not a loan also. X can collect payment in cash of Rs 20000/- on various dates. since the amount of goods sold is not equal to or more than Rs 2 Lakhs, even if single bill is issued it will not violate section 269ST.
Ch. Sai Sudha Mohan
(Querist)
17 April 2017
thank you very much Mr. abhishek goyal
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