The Union Finance Minister Nirmala Sitharaman presided over the 50th meeting of the GST Council today (11th July 2023) at Vigyan Bhawan in New Delhi with Revenue Secretary and CBIC Chairman.
The Revenue Secretary in the press meet has stated that the amendment including Goods and Services Tax Network (GSTN) with the Prevention of Money Laundering Act, 2002 does not have any connection with the GST amendment.
The Finance Ministry has notified the inclusion of GSTN under PMLA on 7th July 2023. This will enable investigation organisations like the Enforcement Directorate (ED) to ask the GST authorities for information and stop tax evasion by the creation of false tax invoices.
Also read: 50th GST Council Meeting: Key Highlights
Also it means that the GSTN is one of the organisations required by the PMLA Act to exchange information with the Financial Intelligence Unit (FIU) and the Enforcement Directorate (ED). These modifications have been made in accordance with Section 66 of the PMLA, which governs information dissemination.
The Finance Minister addressed the public in the evening after the deliberations. The council as Slashed GST on Four Items Uncooked, unfried snacks reduced from 18% to 5% Fish soluble paste reduced from 18% to 5% Imitation Zari threads reduced from 12% to 5% LD Slag reduced from 18% to 5%.
Also, The GST Council has approved a 28% tax on online gaming on the whole face value amount.The new GST rate will be 5%, down from the previous 18%.
Read More: 28% GST on Online Gaming on Full Face Value Amount: GST Council
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