sir our company purchase cotton from urd and pay them In cash Rs 150000 or Rs 180000 according to urd purchase bill , like that in a day we purchase cotton from 9 to 10 urd persons and pay them cash , so is it okay under gst and income tax or will it create any problem for our company ?
kindly help me I'm very confuse
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Cash payment to urd
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Yes but keeping in mind that you can't pay more than 10k a day to one dealer and more than 2 lakhs in cash in respect of single purchase as per sec 269SS/T of IT Act. GST not a problem, RCM in respect of urd purchase not to be paid
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