any restrictions in gst about cash how much buisness v can do in cash from our customer in
a sigle day
Under Section 269ST of the Income Tax Act, accepting cash of Rs 2 lakh or more by any individual is restricted.
8 Replies
Ravi Khemani
(70 Points)
Replied 11 August 2017
it means v can take 199999 from customer in a single day
Chhatra Singh Dugar
(1464 Points)
Replied 11 August 2017
If it is a B2B business your customer can not make cash payment more than Rs 10000/:to you U/s 40a(3) of I Tax Act
RAMESH D MODI
(Proprietor)
(4869 Points)
Replied 11 August 2017
u can accept but can not pay more than 10000/-
Chhatra Singh Dugar
(1464 Points)
Replied 11 August 2017
But you Will have to mention customers detail on the invoice if it is more than 50000/ So be careful. ITO or proper officer has powers to go into credentials of the Customer..
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