A person running a retail pharmacy store.all purchases transaction and sales transactions payments and receipts through on online mode (UPI mode).
Question:
Dealer receipts and payments transactions through on online mode (UPI mode) any limit applicable for one financial year under gst and it act.
Hey @Sundaraiah_Kollipara ,
There is no such limit for the number of transactions for receipts and payments through an online mode (UPI Mode) for one financial year under GST and IT Act.
However, if your gross receipts exceed Rs. 20 lakhs; you need to get GST registration as per the GST Act. For Income Tax Act it is required that you declare the sales in the profit and loss account and pay applicable taxes.