Centre Brings GST Network Under Prevention Of Money Laundering Act

The central government on Saturday issued a notification to bring the Goods and Services Tax Network (GSTN) under the Prevention of Money Laundering Act (PMLA).

The GST Council at its next meeting on Tuesday is likely to exempt cancer medicine Dinutuximab imported by individuals from tax, decide on applicability of GST on food or beverages served in multiplexes and come out with a clear definition of utility vehicles for levying a 22 per cent cess, sources said.

GST collections in Delhi NCT have been rising consistently over the past several years.

The GoM on online gaming, horse racing and casinos had a broad agreement that a 28 per cent GST should be levied on all the three supplies.

GST authorities have so far cancelled over 4,900 GST registrations and detected tax evasion of over Rs 15,000 crore during the ongoing two-month drive to weed out fake GSTINs which will end on July 15, a senior tax official said on Wednesday.

A 34-year-old alleged mastermind of a fake input tax credit racket, which caused a loss of Rs 176 crore to the government by floating fictitious companies in the names of poor people, has been arrested while attempting to flee the country.

GST collections rose 12 per cent to over Rs 1.61 lakh crore in June, the Finance Ministry said on Saturday.

Six years after Goods and Services Tax revenue of Rs 1.5 lakh crore every month has become a new normal and tax officers are focusing on dealing with fraudsters who are adopting newer modus operandi to game the system, causing loss to the exchequer.

The GST Council on July 11 will discuss some more measures to tighten the noose on fake registration and fraudulent generation of input tax credit (ITC) as it looks to check tax evasion, a top official said on Friday.

The GST Intelligence officers have unearthed a racket involving 461 shell/fake entities, which had passed on fraudulent input tax credit of Rs 863 crore.

The GST Council on Thursday said it will hold a meeting, chaired by Union Finance Minister Nirmala Sitharaman, on July 11.

Authorities have detected GST evasion to the tune of more than Rs 8,100 crore and it has been found that the offence was carried out through 4,909 bogus business establishments spread in parts of the country, a tax official from Madhya Pradesh said on Wednesday.

Hitting out at the government, the Congress said on Tuesday that "no amount of headline management" with GDP growth numbers and GST revenues can hide the economic distress faced by a majority of Indians as it cited a surge in the

Goods and Services Tax or GST collection in May rose 12 per cent to Rs 1.57 lakh crore, the finance ministry said today.