Quick Summary
The Minister of State for Finance, Shri Pankaj Chaudhary, recently clarified various questions about the Goods and Services Tax Network (GSTN) being brought under the Prevention of Money Laundering Act (PMLA). Why was GSTN brought under PMLA? The government brought GSTN under PMLA to strengthen the fight against money laundering and terror financing. The GSTN is a vast repository of information on all GST transactions in India. This information can be used by the Enforcement Directorate (E
Daily Limit Reached
You have reached your daily limit of 2 Free News
Subscribe to CCI PRO for unlimited access
Why Upgrade to CCI PRO?
- No Ads
- WhatsApp Community
- Daily E-Newsletter
- Unlimited News Access
- Profile Visitors
- Link Social Profiles
- Featured Job Posts
- Pro Badge
- Expert GST Guidance
- Unlimited Forum Replies
- Download Content in PDF
1 Year PLAN
1999
(Excl. of GST ₹359)
2 Years PLAN
3499
(Excl. of GST ₹629)
BEST VALUE
3 Years PLAN
4999
(Excl. of GST ₹899)
View all CCI PRO benefits
Already a PRO member? Login here for an ad-free experience. 07941056694
FAQ :
No, there is no proposal under consideration to bring GSTN under the purview of the PMLA.
A notification under Section 66 of the PMLA enables the Director, Financial Intelligence Unit-India to send relevant reports, like cash or suspicious transaction reports, to GSTN.
These reports are shared with GSTN to make them available to GST authorities when they are relevant for identifying and investigating GST evasion.
The aims of GSTN are to provide common and shared IT infrastructure and services for the implementation of GST for governments, taxpayers, and other stakeholders.
The aims of PMLA are to prevent money-laundering, and to provide for the confiscation of property derived from or involved in money-laundering.
CAclubindia
