MoU for sharing data to prevent anomalies

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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.
      • The order also provides for the automatic exchange of such data, and not just based on requests, the modalities of which will be decided.
      • 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”.
      • 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.





        Posted by Jawwad Kazi on 1st May 2019
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