PURCHASES/ SALES OF AMOUNT MORE THAN 10000/ 2LACS
This query is : Resolved
17 May 2023
CAN A GALLA VYAPARI (MANDI BUSINESS) PURCHASE/ SALE GOODS OF MORE THAN 10000 / 2LACS IN CASH
17 May 2023
Less than the amount allowed for cash payment.
18 May 2023
THANK YOU SIR, BUT DID NOT GET YOUR ANSWER. CAN YOU PLEASE PROVIDE THE SOLUTION IN DETAIL? IT WILL BE VERY HELPFUL
18 May 2023
For cash payment for purchase should not exceed 10,000 and cash receipt for sale should be less than 2 lacs.
18 May 2023
THANK YOU SIR, IS BOTH THESE PROVISIONS APPLICABLE WHEN BUYING AGRICULTURE GOODS (LIKE MAIZE, WHEAT ETC.) FROM MANDI OR DIRECT FROM FARMERS?
18 May 2023
In both the case any cash sale of an amount of Rs. 2 lakh or more by a cultivator of agricultural produce is prohibited under section 269ST.
18 May 2023
and what about purchase? can we purchase goods from mandi or directly from farmer amounting more than 2lacs?
18 May 2023
Less than 2 lacs only allowed for purchase from Mandi and from farmers.
18 May 2023
OK THANK YOU SO MUCH SIR.
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