Fund transfer in Gst

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100 Points Posted on 23 July 2020
agar me kisi se maal kharid raha hu ya sale Kar raha hu , to kya me cash payment le sakta hu ya cash payment kar sakta hu . ya fir payment ka len den sirf account se hi karna hoga . pls advice
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On 23 July 2020 at 20:48 Report
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This discussion clarifies whether cash payments are permissible for goods purchased or sold under GST. While GST law itself doesn't restrict cash transactions, Income Tax regulations do impose limits. Specifically, payments exceeding ₹10,000 in cash are disallowed for tax purposes, and cash receipts from a single person per day should not exceed ₹1,99,999 to avoid penalties. Therefore, for transactions subject to these limits, using cheques or bank transfers is advisable.

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51 Points Posted on 23 July 2020
Aap cash me payment de yaa payment accept kare.. ye aap pe depend karta hai. Only thing is aap invoice ke hisaab se jitna GST samne se liye yaa samne waale ko pay kiya.. utna aapke return me declare krdo.
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On 23 July 2020 at 21:11
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Tax and Business Consultant
11616 Points Posted on 23 July 2020
Agar app kisi se maal kharid rahe ho, ya sale Kar rahe ho, to app cash payment le sakta ho ya cash payment kar sakte ho, isse GST me koe problem nahi ayega
but income tax ke liye app 2,00,000 se jyada cash me payment nahi le sakate, ya 10,000/- se jyada cash me payment nahi kar sakate
So as per income tax provision apko cheque me transaction karna sahi rahega, Jo limit se kam he to cash me kar sakte he
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On 23 July 2020 at 21:19
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1102 Points Posted on 23 July 2020
Agree with @ Mr.sagar patel
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On 23 July 2020 at 21:21
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100 Points Posted on 23 July 2020
Thanks
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On 23 July 2020 at 21:31
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Tax and Business Consultant
11616 Points Posted on 23 July 2020
You are most wellcome
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On 23 July 2020 at 21:35
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Student
23693 Points Posted on 23 July 2020
As per the Provision of Section 40A(3) of the Income Tax Act 1961, "PAYMENT EXCEEDING Rs. 10,000 in CASH" is disallowed under the Income Tax Act 1961.

As far as the CASH RECEIPTS is concerned, you can accept upto Rs. 1,99,999 from a single person per day by virtue of Section 269ST of the Income Tax Act 1961, failure of which 100% Penalty may be imposed under the Income Tax Act 1961.

Kindly note that there is no CASH TRANSACTION Limit under the GST Law.

Regards,
Shivam RC.
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On 23 July 2020 at 21:37

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