The four bullion traders were probed by the Punjab State Goods and Services Tax Department. In Ludhiana’s Sarafa Bazaar, the State GST department visited the four bullion traders’ stores due to suspicion of tax evasion.
Tax evasion is the conscious implementation of a criminal strategy to evade paying taxes. Everyone who identifies as a citizen of a country is required to pay taxes, both directly and indirectly. It has been practised since the beginning of time. These tax evaders also faced harsh penalties and punishments.
The common methods of tax evasions are failing to pay the due, smuggling, false returns submission, inaccurate financial statements ..etc.
A penalty of 10% of the unpaid tax, subject to a minimum payment of Rs. 10,000, is imposed on those who fail to pay their taxes on time or make short payments. As a result, when the offender has avoided, that is, when there is intentional fraud, the penalty will be hefty at 100% of the tax amount. The fine in all other non-fraud situations is 10% of the tax.
Also, any violation of the GST that does not carry a specified penalty would be subject to a Rs. 25,000 fine. But, the authorities must first give a show-cause notice and follow the rules of natural justice before implementing the penalty.
According to sources, Randhir Kaur, deputy commissioner of state taxes, gave the order to initiate the action. It also occurs shortly after a DRI raid that took place in Sarafa Bazaar a few days ago.
As per the reports, the officials took documents into their possession besides checking the stock available. Further stated that, four inspections were conducted today at Kashish jewellers, K C traders, AdiShakti Jewelers and Miglani Traders. During inspection, stock has been taken and documents impounded for verification.
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