Taxing Cash Transactions

1 Allow cash loans but tax it in the hands of the borrower assessee at40% No penalty and prosecution 2 Tax cash loan repayments at 15% Again no penalty and prosecution 3 Tax Cash sales at 3% more than normal GST 4 Allow only 50% ITC on cash Purchases5 As regards Income tax disallow 20% Cash Purchases if ITC is paid by buyer only Otherwise disallow 50% of all cash purchases 6 As regards cash expenses disallow 35% of all cash expenses with or without supporting bills These steps will encourage genuine cash flow into business at the same time check fraudulent entries After all TAX gets paid Make Tax audits mandatory for all assesses with TO of 1cr or

More

having TO of more than 1 crore The Tax auditor will no doubt supplement the IT Dept work MVGFCA

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