Go AD-Free with CAclubindia Pro and Daily WhatsApp Updates. Subscribe Now!

Regarding annual sales.

Rajat Sharma (Accountant ) (564 Points)

04 May 2021

Sir I am an gst holder and made the sales a sum of Rs 259500/- in a year vide its verious bill No!s and verious dates.Sir I have received the said amount of Rs 259500/-in the installment of 10000/-.Sir I want to know that I am liable to penalized under section 269ST in respect of amount received in cash comes to rs.more than 2.00 Lac.Thanking you.

Reply
Follow
Share

4 Replies

CA. Sourav Sarkar (Chartered Accountant ) (24588 Points)
Replied 04 May 2021

No, problem you have been received cash upto 200000 rupees in a single day and cash payment should be 10000 rupees in a single day

Upgrade to CAclubindia Pro. Subscribe Now!

Lotus Agrawal (Practice) (1361 Points)
Replied 04 May 2021

No penalty will attract in ur case

Rajat Sharma (Accountant ) (564 Points)
Replied 05 May 2021

Sir the above said sales was made to a single person/ firm and amount received from the single person .

Lotus Agrawal (Practice) (1361 Points)
Replied 05 May 2021

If bills issued by u are for separate transactions then no problem. but if a single transaction of 259500/- and bills are splitted in smaller amount, then penalty shall attract.