hemant (accountant) (46 Points)
22 March 2017
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(196280 Points)
Replied 22 March 2017
"please guide in cash transaction rules 3 lac rule any single payment or gross receipt. please guide me."
After recent amendment the cash transaction limit resduced to 2 Lakhs u/s. 269SS. In short, it is per PERSON per DAY/EVENT. and not for gross receipts per day or per year from different persons.
Ankur Goel
(Practice)
(16 Points)
Replied 05 April 2017
Hi,
Following is my query with respect to the amendment in Sec 269ST:
Let's say I make a sale worth of Rs 3 Lacs and I receive payments in cash on different dates amounting to Rs 1 lac each. Will i still be penalized?
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(196280 Points)
Replied 28 April 2017
" Let's say I make a sale worth of Rs 3 Lacs......."
To single person, yes section 269ST gets attracted.
To different persons during a day (none upto 2 lakhs, single transaction), no penalty.
Input Tax Credit, GST refunds and Recovery of refunds- Roadblocks and way outs
GST LIVE Certification Course - 43rd Weekdays Batch(With Govt Certificate)
CAclubindia
