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Fund transfer in Gst

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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Apurv Bhalinge (51 Points)
Replied 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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Sagar Patel (Tax and Business Consultant) (11611 Points)
Replied 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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annu Goyal (1102 Points)
Replied 23 July 2020

Agree with @ Mr.sagar patel

Manoj Patel (100 Points)
Replied 23 July 2020

Thanks

Sagar Patel (Tax and Business Consultant) (11611 Points)
Replied 23 July 2020

You are most wellcome

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Shivam RC (Student) (23683 Points)
Replied 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.

1 Like