Dear all as per GST more than Rs.200000/- cash sale 100%. Penalty applicable. If we purchased goods more than 4 laks and pay cash partly 3 laks and 1 laks cheque then should I any liability as Buyer.
Very urgent.
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cash transaction 200000/-.
Replies (17)
Yes...
It's under IT...
It's under IT...
There is no restriction on cash sale... Restrictions on cash purchase... Cash purchase by registered buyer upto Rs 10000 allowed.... But when u made cash sales of Rs. 2500000 to unregistered buyer... Then its separate details mentioned in gstr1 b2cl... His identity
U can't make payment of Rs 200000 in cash against a single invoice... 100% penalty applicable
If u r registered buyer then all cash purchase is disallowed
Dear Divakar
After GST total 10 purchased bills last few month makes total 4 laks.Outoff how much I can pay cash mode ....upto 200000/- or not.
After GST total 10 purchased bills last few month makes total 4 laks.Outoff how much I can pay cash mode ....upto 200000/- or not.
I am registered buyer and seller also register ...kindly explained disallowed about cash purchased. Thanks
Dear Divakar.,
please explain yourself as above said replies...
please explain yourself as above said replies...
U can't make cash purchase more than 10000 in respect of one bill... Totally disallownce under income tax act... More than 10000 only through chque or e payment... Take cash back and made payment through chq
Plz refer section 40A(3) of it act... Disallownce of cash purchase more than rs 10000....Rs. 200000 provision only applicable on unregistered persons
(Plz refer section 40A(3) of it act.)
Is This under income Tax act...?
Then What is under GST...?
Is This under income Tax act...?
Then What is under GST...?
One should keep in mind both the provision of act... When income tax act disallow the whole purchase then u can't make cash purchase... In gst no restriction....
At the end of year u hv to prepare also ur balance sheet and profit and loss account.... 200000 provision also in income tax act under section 269T... No restriction in gst
I am a registered dealer, can i make cash sales to a unregistered person.
What are the limits
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