In a move to tackle tax evasion and other economic offences through the shell companies and illegal loan applications, the income tax department and the GST department have started to cancel the Permanent Account Number (PAN) and Goods and Services Tax Identification Number (GSTIN).
As per the recent tweet by CNBC-TV18, sources say the Income Tax Department & GST wing to begin exercise to cancel PANs & GSTNs of shell companies & illegal loan apps.
“Alert: FM had tasked Revenue Department to look into possibility of money laundering, tax evasions, breach/privacy of data, and misuse of unregulated payment aggregators, shell companies, defunct NBFCs etc. for perpetrating such actions,” the NDTV tweeted.
As per reports, the Finance Ministry had tasked the revenue department to investigate the possibility of money laundering, tax evasion, breach of data, and misuse of unregulated payment aggregators, shell companies, defunct NBFCs etc., for perpetrating such actions.
The Revenue Department has now asked the government’s IT department and GST wings to weed out PANs, and GSTNs issued to these shell companies and illegal loan apps to prevent their misuse.
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