Gst Queries

watch_later 3 months, 1 week ago

1. Composite dealer delay of composite return cmp-08 which rate of interest and late fees per day paid.

2. A trader cash sales limit  in gst and i.t.act per day.

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1 Answer

Suresh Paramasivam watch_later 3 months, 1 week ago

Hello Sir,

     In case a taxpayer fails to furnish his/her return on or before the due date, he or she will be liable to pay a late fee of Rs 200 per day for every day of delay. i.e. Rs 100 per day under CGST and Rs 100 per day under SGST. IGST Act prescribes an amount equal to the late fees for CGST and SGST Act i.e Rs 200 per day of delay.

Late fee charges will be subject to a maximum of Rs 5,000 from the start of the due date to the actual return filing date of the taxpayer.


2. There in no provision in GST which restrict the cash sale transaction.

But In Income Tax Cash sales can't more than 2 laks in a year for single person or customer. 


Section 40A(3):- Any expenditure in respect of which payment is made in sum exceeding rs.10,000/- in a single day to a single person otherwise than by an account payee cheque or an account payee bank draft or use of electronic clearing system through a bank account, shall not be allowed as deducation.

Thanks and Regards

Crystal Offset Printers

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