Deepak Gupta
(CA Student)
(15922 Points)
Replied 19 June 2019
There is no such limit prescribed in GST. But as per Sec. 269ST of the Income-tax Act, it should not go beyond Rs. 1,99,999.
debora M
(BUSINESS DEVELOPMENT MANAGER)
(1697 Points)
Replied 19 June 2019
There is no provision in GST which restrict the cash sale transaction.
But Cash Transaction is restricted by Income Tax Act as below
Section 269ST :- No person shall receive an amount of two lakh rupees or more.
(a) in aggregate from a person in a day; or
(b) in respect of a single transaction; or
(c) in respect of transactions relating to one event or occasion from a person,
otherwise than by an account payee cheque or an account payee bank draft or use of electronic clearing system through a bank account:
Provided that the provisions of this section shall not apply to—
(i) any receipt by—
(a) Government;
(b) any banking company, post office savings bank or co-operative bank;
(ii) transactions of the nature referred to in section 269SS;
(iii) such other persons or class of persons or receipts, which the Central Government may, by notification in the Official Gazette, specify.
Pranay LODHA
(Article)
(102 Points)
Replied 13 February 2020
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