Is there any provision saying Input cannot be claimed from Cash purchases made ?
Menu
Cash purchase
Replies (7)
unless buyer gst number is quoted on the invoice and a person cannot claim gst. there is no such condition of cash.
Thank you,Sir.
No Such Condition Under GST
Only under IT act, there is condition of cash purchase of more than Rs. 10,000/- is disallowed. No ITC loss under GST.
No such condition is applicable under GST Law.
It is applicable in case of Income Tax Act 1961. Section 40A(3) of the Income Tax And 1961 states that Cash Purchase exceeding Rs.10,000 would not be allowed as deduction under PGBP.
Warm Regards.
It is applicable in case of Income Tax Act 1961. Section 40A(3) of the Income Tax And 1961 states that Cash Purchase exceeding Rs.10,000 would not be allowed as deduction under PGBP.
Warm Regards.
Ok clear clarification
Thank you Sir
Recent Topics :
- GIFTS TO USEFUL CONTACTS ON FESTIVALS INCOME TAX
- INTEREST ON REFUND OF TDS
- Input tax claim related
- User not found in MCA portal
- GST RATE ON FILM PRODUCTION
- Section 54
- Why are foreign investors suddenly buying Indian s
- TDS ON IMMOVABLE PROPERTY - PURCHASE FROM NRI &
- Query to Tax Garden tax consultant
- Subject: Urgent Assistance Required – TRACES
Related Topics :
CAclubindia
