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Government to Decriminalise the Income Tax Act and the Prevention of Money Laundering Act

Professor of Financial Economics and Part-time Value Investor, Transfin.
Jan 20, 2020 12:57 PM 1 min read
Editorial

Government considers decriminalising the Income Tax Act and the Prevention of Money Laundering Act to facilitate ease of doing business. 

 

REGULATIONS

Government to decriminalise the Income Tax Act and the Prevention of Money Laundering Act.

Easing Out: In a bid improve ease of doing business and to transform the nation into a $5trn economy, Finance Minister Nirmala Sitharaman today said that the government will decriminalise the Income Tax Act and the Prevention of Money Laundering Act (PMLA). 

 

Sitharaman noted that decriminalising corporate laws, settling tax disputes and rapid privatisation of state-run firms were among the steps that the government was taking to achieve the goal.

 

Meanwhile: The government has already identified the statutory changes to be made in the Companies Act to decriminalise several procedural lapses and those that do not affect public interest. Livemint

 

Government mulls getting services professionals listed onto the GSTN.

Inside Out: The government is looking to get services professionals such as plumbers, electricians and beauticians listed on online platforms onto the Goods and Services Tax Network.

 

The Department for Promotion of Industry and Internal Trade ( DPIIT) is considering making it mandatory for online marketplaces such as UrbanClap, HouseJoy and Bro4u to only engage service professionals who have a GST Number. ET Tech

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