Centre Empowers ED by Bringing Goods & Services Tax Network Under PMLA
The GST Council, comprising finance ministers of the Centre and states, has already taken a number of steps, including the sequential filing of monthly returns, to curb fake ITC in the system.Offenses related to GST such as fake invoices and fraudulent input tax credits will now be covered under PMLAThe Centre on Saturday issued a notification to bring the Goods and Services Tax Network (GSTN) under the purview of the Prevention of Money Laundering Act (PMLA). As per the notification, information stored on GSTN can now be shared in accordance with the provisions of the PMLA Act.The Ministry of Finance, Department of Revenue, said the notification has been issued in exercise of the powers conferred by clause (ii) of sub-section (1) of section 66 of the Prevention of Money Laundering Act, 2...