cash transaction
kk jha (24 Points)
06 July 2017
what will be the daily cash transaction limit now in GST
2 Replies
RAJASEKARAN
(Accounts Manager)
(73 Points)
Replied 06 July 2017
pls read the below topic clearly discussed
covered under RCM???? /forum/details.asp?mod_id=401925&module_name=forum&utm_source=gstapp&utm_medium=gstapp&utm_campaign=gstappv2
covered under RCM???? /forum/details.asp?mod_id=401925&module_name=forum&utm_source=gstapp&utm_medium=gstapp&utm_campaign=gstappv2
RAJASEKARAN
(Accounts Manager)
(73 Points)
Replied 07 July 2017
RCM????
Total Replies : 5
RAJASEKARAN Like POST 04 July 2017
1. Rs 4800/- for fabric purchased from xy & co (unregistered dealer )
2. Rs 1200/- for yarn purchase from ABC & CO (unregistered dealer.)
the above payments are made through cash.
Now pls tell me i will be covered under RCM or not?????
Hitesh Sharma Like POST 04 July 2017
Yes, if both purchased on same day
RAJASEKARAN Like POST 05 July 2017
thanks sir but on one day we have vehicle maintain cost, petrol exp, wages, transport charges, travelling exp, tea cash, courier charges, night food allowance, taxi fare paid. it touched rs.25000 per day. can i covered under RCM?
Hitesh Sharma Like POST 05 July 2017
yes, notification provide limit for all invoices per day only 5000
jayesh Like POST 05 July 2017
in this case gst calculated on 25000/- or 25000-5000(less exempted) and paid gst on balance 20000/-
Hitesh Sharma Like POST 05 July 2017
Rs. 5000 is not exemption limit. as per circular you don't have to pay under RCM if value doesn't exceed 5000, if it is increases then tax has to pay on full Amount.
Total Replies : 5
RAJASEKARAN Like POST 04 July 2017
1. Rs 4800/- for fabric purchased from xy & co (unregistered dealer )
2. Rs 1200/- for yarn purchase from ABC & CO (unregistered dealer.)
the above payments are made through cash.
Now pls tell me i will be covered under RCM or not?????
Hitesh Sharma Like POST 04 July 2017
Yes, if both purchased on same day
RAJASEKARAN Like POST 05 July 2017
thanks sir but on one day we have vehicle maintain cost, petrol exp, wages, transport charges, travelling exp, tea cash, courier charges, night food allowance, taxi fare paid. it touched rs.25000 per day. can i covered under RCM?
Hitesh Sharma Like POST 05 July 2017
yes, notification provide limit for all invoices per day only 5000
jayesh Like POST 05 July 2017
in this case gst calculated on 25000/- or 25000-5000(less exempted) and paid gst on balance 20000/-
Hitesh Sharma Like POST 05 July 2017
Rs. 5000 is not exemption limit. as per circular you don't have to pay under RCM if value doesn't exceed 5000, if it is increases then tax has to pay on full Amount.
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