Search after stock and cash found tax and penalty applicable

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B.com
3025 Points Posted on 10 May 2023
A registered dealer search by gst department some cash amount and some un accounting stock found .
question:
dealer found for stock and cash amount tax and penalty applicable in gst act
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On 10 May 2023 at 22:06 Report
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Quick Summary
If a registered dealer is searched by the GST department and unaccounted stock or cash is found, tax, interest, and penalties are definitely applicable under Section 74 of the GST Act. While some may suggest this doesn't happen in practice, the law clearly outlines these consequences for such discoveries.

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GST Practitioner
55067 Points Posted on 12 May 2023
Yes definitely.
Attracts Section 74 Tax, Interest & Penalty is applicable
1 Reply
On 12 May 2023 at 00:22
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Profession
28261 Points Posted on 12 May 2023
No it does not happen in actual practice.
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On 12 May 2023 at 13:32

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