sir
gst cash bill limit sir
2 Replies
Aj Style
(Student)
(354 Points)
Replied 12 October 2020
There is no such limit in gst but as per income tax you can't receive in cash more than 10000, so limit can apply in cash of GST cash sale.
Shivam RC
(Student)
(23683 Points)
Replied 12 October 2020
There is no Cash Bill limit under the GST Law but under the Income Tax Act 1961, there are certain cash transaction limit.
As per the Provision of Section 269ST of the Income Tax Act 1961, the maximum cash which a person can receive from the recipient per day is less than Rs. 2 lakhs i.e. Rs. 1,99,999. If payment received is Rs. 2 lakhs or more from a single person in a day, then Penalty equal to the amount of Cash Received ( 100% ) may be levied under Section 271DA of the Income Tax Act 1961.
However no penalty shall be imposable if such person proves that there were good and sufficient reasons for the contravention. [ First Proviso to sub section (1) of Section 271DA of the IT Act 1961 ].
Regards.
As per the Provision of Section 269ST of the Income Tax Act 1961, the maximum cash which a person can receive from the recipient per day is less than Rs. 2 lakhs i.e. Rs. 1,99,999. If payment received is Rs. 2 lakhs or more from a single person in a day, then Penalty equal to the amount of Cash Received ( 100% ) may be levied under Section 271DA of the Income Tax Act 1961.
However no penalty shall be imposable if such person proves that there were good and sufficient reasons for the contravention. [ First Proviso to sub section (1) of Section 271DA of the IT Act 1961 ].
Regards.
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