Iam urd purchaser
please tell me cash limit for urd purchase
Per day... ??
Per Person.... ??
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Cash limit for urd purchase
Replies (15)
In gst no limit but income tax act only 10000 I think
In gst no limit but income tax act only 10000 I think
10000 is expenses limit....
But urd purchase ???
5000 per day
GST Act and Income Tax Act are two seperate acts with there respective provisions.
As per Income Tax Act any expense for which payment is made in cash exceeding 10,000 is not eligible for deduction while calculating Income from Business. Here expense includes Purchases also.
As per CGST Act, there is no resctriction on mode of payment for making Business Purchases.However if you are making purchases exceeding 5000 in a day from an unregistered dealer, you need to pay GST on reverse charge basis.
That's right
That's right
@ Vivek.,
You are registered or URD under GST as business/services...?
Bcoz, u asked "Iam URD purchaser...?! so only...
You are registered or URD under GST as business/services...?
Bcoz, u asked "Iam URD purchaser...?! so only...
@ RAJA PM,
Sir iam registered under GST(Arecanut)
my daily cash transation is Rs. 50000 to 75000 on purchase
any problem if pay cash on urd purchase
No problem for cash dealing to URD under GST. But, Restricted in IT...
GST : You can purchase from URD as cash. But, you ll be pay Tax under RCM basis...
Income Tax : You can't deal cash above 10k to a Single person. So, you can practice through Bank above 10k....
GST : You can purchase from URD as cash. But, you ll be pay Tax under RCM basis...
Income Tax : You can't deal cash above 10k to a Single person. So, you can practice through Bank above 10k....
| Originally posted by : vivek | ||
 |
Iam urd purchaser please tell me cash limit for urd purchase Per day... ?? Per Person.... ?? |
 |
No such restirction under GST. But restriciton under Income tax, we should not purchase to pay in cash for more than 10000
Apt Co Advisory
9910520753
my doubts all clear, once again thank you for all...
IF I AM A REGISTERED DEALER AND PURCHASING URD GOLD OF 150000 RS THEN CAN I GIVE CASH FOR THIS TRANSACTION?
No... You can't give cash for this transaction.
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