Under PMLA, the government has included the Goods and Services Tax Network on the list of entities mandated to share information with the Enforcement Directorate ED and the Financial Intelligence Unit FIU under the Prevention of Money Laundering Act.
A growing number of Indian consumers are opting for bigger, feature-packed vehicles, marking a shift from what used to be a mostly cost-conscious market.
About two-thirds of shopping for groceries and daily essentials are done by men in the country, conflicting the perception that women typically buy household products from neighborhood stores, according to a study by Kirana Club, which has one million kirana stores in its network.
5 Comments
AZUK00
The requirement to disclose information to the ED and FIU may negatively impact the competitiveness of businesses, particularly in sensitive sectors where confidentiality is crucial.
AZUuuuu
The additional responsibilities of sharing information with the ED and FIU could increase the administrative burden and costs for GSTN, ultimately burdening taxpayers.
KittyKat
There may not be adequate safeguards in place to ensure that the information shared with the ED and FIU is secure and protected from unauthorized access or misuse.
BuggaBoom
The knowledge that GSTN shares information with government agencies may impact consumer behavior and lead to a decrease in trust and confidence in the market.
KittyKat
The inclusion of GSTN in this mandate could deter foreign investors who are concerned about the potential implications of sharing their data with government agencies.