Sir, if suppose i sold goods to Mr X for Rs. 50000 on cash every month and i m receiving cash so pls reply my transaction is violating the provisions of cash transactions limit which are applicable from 01/04/2017
My business is totally running on cash so pls reply......
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Cash Transactions limit
Replies (12)
No, provided non of bill and/or any receipt equals to 2 lakhs or more on any single day.
Thank you sir
But suppose my cash turnover with Mr X during the year is 1500000 so it is ok in that transaction and i m not receiving cash above 200000 with Mr X during the year so is there any violation in that my transaction
But suppose my cash turnover with Mr X during the year is 1500000 so it is ok in that transaction and i m not receiving cash above 200000 with Mr X during the year so is there any violation in that my transaction
Section 269ST not attracted, but difficult to convince ITO for such a large cash volume with single party. The purchaser will be harrased for violating section 40A(3). Why don't both of them agree for banking mode? Tracking each and every transaction will be easy.
So how much i can do cash transaction with my parties in cash and pls give me brief guidance
As I said earlier, you don't have any problem; but the retailer cannot purchase anything in cash for more than 10000/- per bill. So, let the purchaser guide you.
Thak you sir now i m cleared
My pleasure
Hai sir, thanks for your information. I have a doubt about computer repairs and services... I have sold system accessories to LTD. Company for Rs. 25000/-, the company asking me GST Bill, but my company doesn't have 20L turnover for 1year, I told them to pay by bank transfer and pay GST from ur company to Govt.. is it ok. Please suggest me sir.
@ Krishna: Yes, it is ok. You need not register under GST, unless your company cross the basic limit, or unless you supply interstate.
Also the buyer can pay the amount under RCM, but the same should not be deducted from your bill amount.
Dear Sir,
Is that compulsory to get electorinc transfer on the GST charged invoices, i mean no cash is allowed to collect agaist GST invoices.
pls reply
DID I TAKE CASH MORE THAN 200000 IN A MONTH WITH DIFFRENT BILL BY A SINGLE PARTY WITH GSTIN BILL?
If the buyer is allowed to purchase only for 10,000 in cash per day from a person, then how come the person who sells is allowed to collect up to 1,99,999 in cash from a person in a single day? How is this even possible?
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