Day after GST, PM Modi warning on black money: Three lakh firms under scanner after note ban

Hours after the launch of the Goods and Services Tax (GST) regime, through which the government intends to expand its tax net, Prime Minister Narendra Modi said on Saturday that the Centre has taken a number of steps in the last three years, including demonetisation, against black money and corruption. He said authorities have been mining the data of transactions undertaken after the November 8 decision to scrap high-value currency notes, and at least 3 lakh registered companies were under suspicion. He added that the government has cancelled the registration of over 1 lakh firms, and identified 37,000 shell companies for strong action.