A Special All-India Drive will be conducted by all Central and State Tax administrations during the period 16th May 2023 to 15th July 2023 to detect suspicious / fake GSTINs and to conduct requisite verification and further remedial action to weed out these fake billers from the GST eco-system and to safeguard Government revenue.
Chartered Accountants, Cost Accountants and Company Secretaries have been notified as Reporting Entities under Prevention of Money Laundering Act, when the financial transactions carried out by them on behalf of his client, in the course of his or her profession, in relation to the following activities-
(i) buying and selling of any immovable property;
(ii) managing of client money, securities or other assets;
(iii) management of bank, savings or securities accounts;
(iv) organisation of contributions for the creation, operation or management of companies;
(v) creation, operation or management of companies, limited liability partnerships or trusts, and buying and selling of business entities.
An Agreement and Protocol between the Government of the Republic of India and the Government of the Republic of Chile for the elimination of double taxation and the prevention of fiscal evasion and avoidance with respect to taxes on income, was notified through notification 24/2023-Income Tax dated 3.5.2023.