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.
Besides the ED and the FIU, agencies that need to share information include the Competition Commission of India, Reserve Bank of India, Securities and Exchange Board of India, Insurance Regulatory and Development Authority of India, Serious Fraud Investigation Office, and Director General of Foreign Trade. This list is updated from time to time.
PMLA was enacted to tackle terror funding and drug trafficking. The PMLA Act also provides for confiscation of property derived from or involved in money-laundering.
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