Iam urd purchaser
please tell me cash limit for urd purchase
Per day... ??
Per Person.... ??
15 Replies
sramteke
(accountant)
(48 Points)
Replied 06 September 2017
In gst no limit but income tax act only 10000 I think
sramteke
(accountant)
(48 Points)
Replied 06 September 2017
In gst no limit but income tax act only 10000 I think
Sumeet
(CA)
(537 Points)
Replied 06 September 2017
GST Act and Income Tax Act are two seperate acts with there respective provisions.
As per Income Tax Act any expense for which payment is made in cash exceeding 10,000 is not eligible for deduction while calculating Income from Business. Here expense includes Purchases also.
As per CGST Act, there is no resctriction on mode of payment for making Business Purchases.However if you are making purchases exceeding 5000 in a day from an unregistered dealer, you need to pay GST on reverse charge basis.
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 06 September 2017
@ Vivek.,
You are registered or URD under GST as business/services...?
Bcoz, u asked "Iam URD purchaser...?! so only...
You are registered or URD under GST as business/services...?
Bcoz, u asked "Iam URD purchaser...?! so only...
vivek
(A/cs)
(48 Points)
Replied 07 September 2017
@ RAJA PM,
Sir iam registered under GST(Arecanut)
my daily cash transation is Rs. 50000 to 75000 on purchase
any problem if pay cash on urd purchase
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 07 September 2017
No problem for cash dealing to URD under GST. But, Restricted in IT...
GST : You can purchase from URD as cash. But, you ll be pay Tax under RCM basis...
Income Tax : You can't deal cash above 10k to a Single person. So, you can practice through Bank above 10k....
GST : You can purchase from URD as cash. But, you ll be pay Tax under RCM basis...
Income Tax : You can't deal cash above 10k to a Single person. So, you can practice through Bank above 10k....
Arif Ali
(Apt Co Advisory)
(1230 Points)
Replied 07 September 2017
| Originally posted by : vivek | ||
 |
Iam urd purchaser please tell me cash limit for urd purchase Per day... ?? Per Person.... ?? |
 |
No such restirction under GST. But restriciton under Income tax, we should not purchase to pay in cash for more than 10000
Apt Co Advisory
9910520753
vivek
(A/cs)
(48 Points)
Replied 08 September 2017
my doubts all clear, once again thank you for all...
ARHAM BULLION
(2 Points)
Replied 05 December 2018
IF I AM A REGISTERED DEALER AND PURCHASING URD GOLD OF 150000 RS THEN CAN I GIVE CASH FOR THIS TRANSACTION?
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 05 December 2018
No... You can't give cash for this transaction.
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