Anshul k Jain & Co. - Chartered Accountant

Notified the exchange of information between ED and GSTN under the Prevention of Money Laundering Act, 2002 (PMLA) to help in such kind of investigations. Aiming to plug tax evasion through fake billing, Centre has brought the GST Network (GSTN) under the purview of Prevention of Money Laundering Act (PMLA). This will give more power to the Enforcement Directorate (ED), the anti-money laundering agency, to act against tax evasion within GSTN. The government, through a gazette notification, notified the exchange of information between ED and GSTN under the Prevention of Money Laundering Act, 2002 (PMLA) to help in such kind of investigations.   T he Ministry of Finance, Department of Revenue, has issued a significant notification, including the Goods and Services Tax Network (GSTN) under the provisions of the Prevention of Money-laundering Act, 2002 (PMLA, 2002).    This inclusion allows the Enforcement Directorate (ED) to share relevant information or material wit...

Frequently asked questions on QRMP scheme Q 1: What is QRMP scheme? What are its benefit? A: Quarterly Return, Monthly Payment of Taxes (QRMP) Scheme is a scheme to simplify compliance for small taxpayers. Under this scheme, taxpayers having an aggregate turnover at PAN level up to Rs. 5 crore can opt for quarterly GSTR-1 and GSTR-3B filing. Payment can be made in the first two months by a simple challan in FORM GST PMT-06. For the ease of taxpayers, system has assigned quarterly frequency to small taxpayers automatically.     Q 2: Why have I been assigned quarterly filing without opting for the same? A: Taxpayers eligible for the simplified compliance scheme were assigned quarterly frequency by the GST system. All taxpayers were informed regarding the frequency assigned to them by e-mail and SMS.   Q 3: Why have I been assigned quarterly frequency by system even when my aggregate turnover on PAN is greater than Rs. 5 crore?   A: For the...