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
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
CAclubindia
