GST network brought under anti-money laundering law to plug tax evasion
Notified the exchange of information between ED and GSTN under the Prevention of Money Laundering Act, 2002 (PMLA) to help in such kind of investigations.
Aiming to plug tax evasion through fake billing, Centre has brought the GST Network (GSTN) under the purview of Prevention of Money Laundering Act (PMLA). This will give more power to the Enforcement Directorate (ED), the anti-money laundering agency, to act against tax evasion within GSTN. The government through a gazette notification, notified the exchange of information between ED and GSTN under the Prevention of Money Laundering Act, 2002 (PMLA) to help in such kind of investigations.
The notification is regarding sharing of information between ED and GSTN under section 66(1)(iii) of PMLA. The Central Board of Indirect Taxes and Customs (CBIC) has been bullish on preventing tax evasion.CBIC chairman Vivek Johri had said last month that the government is serious towards curbing the practice of fake billing and fake invoicing and also identifying fake businesses.PMLA was enacted to tackle terror funding and drug trafficking. The notification will now facilitate sharing of information or material in possession between ED and GSTN, to check any violations of GST provisions.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
SRH vs GT IPL 2024 Ticket Booking Online: Where and how to buy SRH vs GT tickets online - Check IPL Match 66 ticket price, other details
Top 7 SWP Mutual Funds: Rs 50 lakh investment, Rs 70K monthly pension for 10 years, and Rs 42.30 lakh balance value; know more details
Gold and Silver rate today (May 13, 2024): Precious metal under pressure; yellow metal near Rs 72,400, white metal above Rs 84,600
SIP Returns: How Rs 3,000, 5,000, and Rs 10,000 SIPs can help you build retirement corpus of Rs 1.06 cr, Rs 1.77 cr, and Rs 3.53 cr
TBO Tek IPO Listing LIVE Update: Bumper Debut! Share list at 55% premium - Buy, sell or hold? Check Anil Singhvi's view
02:09 PM IST