New Delhi, July 8: 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. Train Ticket Price Cut: Indian Railways to Slash Fares of AC Chair Car, Executive Classes by Up to 25%, Vande Bharat Passengers to Benefit.

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. GST Council Likely To Exempt IGST on Cancer Drug Import, Fix 5% Tax on Refreshments Served in Multiplex.

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.

(The above story first appeared on LatestLY on Jul 08, 2023 11:56 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).