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Cash receipts
sir , we deals in cement and TMT and mostly our customers are B2B ,and we raise multiple bills of maximum upto Rs 1.25 lakhs in a month , can we receive cash against the goods sold , if it cross Rs 2 lakh
Replies (3)
For receipt there is no provision... provision is only for payment. so yes you can get cash...it's front personal responsibility to not to pay more than 20k in a day in cash
You shouldn't receive in aggregate amount exceeding rs. 2 lakhs from a person in a day or amount exceeding rs. 2 lakhs in respect of single transaction or pertaining to an event as per section 269ST. in your case, if you receive in excess of rs 2 lakhs in a day from a person even in respect of multiple bills, it'll attract 269st. similarly, even if you receive in excess of rs 2 lakhs on various days in respect of single transaction, then that also will attract 269ST
Avoid cash transactions. Refer Section 269ST
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