Under invoicing
what if jwellery dealer invoice the jwellery at lower than market value
Replies (1)
Invoicing jewellery below market value to evade taxes is illegal. The GST law empowers tax authorities to disregard the transaction value and apply the "Open Market Value" instead, leading to demands for additional tax, heavy penalties, and potential prosecution for tax evasion.
Recent Topics :
- Pan surrender via online
- EPFO Portal Issue – Unable to Save Employee
- Plant & Machinary
- ITC reversal after supplier amended the recipient
- GIFTS TO USEFUL CONTACTS ON FESTIVALS INCOME TAX
- INTEREST ON REFUND OF TDS
- Input tax claim related
- User not found in MCA portal
- GST RATE ON FILM PRODUCTION
- Section 54
Related Topics :
CAclubindia
