GST is a trust based indirect tax in which assesse himself calculates and discharge his tax liability. So to check the veracity of tax liability assessed by assesse and compliances with GST Act and rules, Section 65, 66 and 35(5) of CGST act provides for GST Audit by Tax Authorities, Special GST Audit and Turnover …
Cash Transaction – Limit & Consequences of Non-Compliance under Income Tax Act
Cash transaction leaves no trail of the payer that causes tax evasion & black money. It affects the Indian economy by dual aspect one is revenue deficit to government and another one is unaccounted money that cannot flow in the economy. Both of these problems terribly effects the development of a country. That’s why government …