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Language , Updated: Aug 8, 2022, 10:37 PM
New Delhi, Aug 8 (PTI) The Comptroller and Auditor General (CAG) has steered framing of Standard Operating Procedures (SOPs) for evaluation of those instances and issuing pointers to test unethical buying and selling practices within the gem stones and jewelery sector. Have given. Simultaneously, the CAG has requested the Central Board of Direct Taxes (CBDT) to seem into amendments within the construction of tax audit reviews for recording grade-based main points for valuation of diamonds in top price transactions. Public auditor ready its efficiency audit record on review of gem stones and jewelery sector
Simultaneously, the CAG has requested the Central Board of Direct Taxes (CBDT) to seem into amendments within the construction of tax audit reviews for recording grade-based main points for valuation of diamonds in top price transactions.
The public auditors have made those ideas of their efficiency audit record ready at the review of the gem stones and jewelery sector.
The CAG mentioned in a commentary that the CBDT might read about those provisions to turn fraudulent purchases and inflated billings as undisclosed source of revenue, which aren’t lined by way of the present provisions.
The CAG famous that giant quantities of transactions concerned within the import of diamonds and gold make the field at risk of cash laundering and misappropriation. In this example, CBDT might recall to mind formulating detailed same old running process for tax review of businesses engaged in gem stones and jewelery trade.
According to the CAG, the CBDT must additionally believe accumulating main points of import and export transactions in way over the boundaries mounted by way of the corporate engaged on this sector.
