GST and Restriction on Cash Transactions in Income Tax

Business Standard Smart Business panel discussion was held in Kolkata on May 26, 2017

A panel discussion on ‘GST and Restriction on Cash Transactions in Income Tax‘ was conducted under the banner of Business Standard Smart Business in association with Rotary Club of Calcutta jointly with Concern for Calcutta, the Calcutta Citizens’ Initiative. Narayan Jain, Advocate, Chairman, Direct Taxes of AIFTP explained the new restrictions on cash receipts of Rs. 2 Lakhs in one day in aggregate or for one event or for one transaction under section 269ST with effect from April 01, 2016. The department may impose a penalty of 100 per cent in cash of any violation. Touching GST, Jain was of