Posted:
usually people buy gold without a proper receipt/memo/invoice, because the gold rates have become sky rocketing high and even 1-2% VAT amounts to quite a lot. even 50 gm of gold costs more than 1 lakh now, so people who buy heaps of gold would have to pay their tax in lakhs if not thousands. people try to avoid that extra amount payable and simply take gold without any receipt. since there is no record of that transaction anywhere, all that money goes into the seller's pocket as his black money.
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