More in the news
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The order, dated April 30, states that the GSTN can ask for and be provided data relating to:(1) An assessee’s status of filing income tax returns.(2) Turnover.(3) Gross total income.(4) Financial ratios.(5) Any other data with the I-T Department to be decided at a later date.
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The order also provides for the automatic exchange of such data, and not just based on requests, the modalities of which will be decided.
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The MoU will also include the rules pertaining to the modalities of the exchange, the confidentiality of the data, and the “weeding out after usage”.
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Objective:(1) With more information in hand, the government would be able to validate amount of income disclosed both under the Income-tax and GST.(2) It would enable the authorities to identify any under-reporting or non-reporting of income, if any.
Source
The Hindu.