Government Shuts Down 1 Lakh illegal Companies After the Implementation of GST

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After the implementation of Goods and Services Tax (GST), Prime Minister Narendra Modi gave a tough warning to black moneylenders and tax evaders. Addressing the nation on the occasion of the founder’s day of Institute of Chartered Accountants of India (ICAI), Modi said that along with cleanliness campaign he is also running a campaign to clean the economy of the country. He said that due to this cleaning campaign, the black money deposited by Indians in Swiss banks has come down by 45 percent.

In 2013 black money increased 42 percent. He said that in 1987, the Swiss bank started to tell about the deposits of countries. The 2016 report reveals that Indian money has come down by 45 percent.

Expressing the government’s intention to eliminate black money and implement transparent economy, Modi said that when the country, media and corporate focus was on the GST program being implemented in midnight on 30th June, The Central Government delisted nearly 1 lakh companies in one stroke.
Prime Minister Modi said, “After the demonetisation drive, nearly 3 lakh companies were under suspicion and 1 lakh of them were closed by the Registrar of Companies before the implementation of GST.” Warning of more stringent action against illegal transactions in the future, Modi said, “Politically, the government does not have the courage to make such a big decision, but the people of the nation can take such a decision.”

The Prime Minister also said that, he knows, what he is signing for by taking action against fictitious companies and those who deal in the hawala but I am ready to take this loss. He said, ‘Those who have looted the poor, they have to return the money.’It is worth noting that the government had targeted the shell companies after the ban was imposed.

It is worth noting that the government had targeted the shell companies after the ban was imposed. Modi said that the government has identified more than 37,000 shell companies, who have made black money white and hawala work.

It is worth noting that the government had targeted the shell companies after the ban was imposed. Modi said that the government has identified more than 37,000 shell companies, who have made black money white and hawala work. He also said in the coming days such companies will suffer the process of investigation.

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