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CBDT to share data with GST dept. to trap tax evaders

The Central Board of Direct Taxes (CBDT) has notified that Principal Director General of Income-tax (Systems) or Director General of Income-tax (Systems), New Delhi as the specified income-tax authority for furnishing information regarding assessees to the Nodal Officer, Goods and Services Tax Network (‘GSTN’).
The specified income-tax authority shall form an opinion that sharing of information is necessary for the purposes of enabling the specified authority in GSTN to perform its functions under the Goods and Services Tax. The following informations are to be furnished by the specified income-tax authority:
1) Request based exchange of data – The important financial fields captured in the Income Tax Returns (ITRs) shall be shared with the GSTN. A few examples of important financial fields are:
a) Status of filing of ITR;
b) Turnover
c) Gross total income
d) Turnover ration
e) GTI range
f) Turnover range, and
g) Any other field
2) Spontaneous exchange of data.
3) Automatic exchange of data.
Prakhar Kalaniauthor

Prakhar Kalani (B.Com, ACA, DISA), Partner at Kalani Gattani & Co. Prakhar Kalani is a Qualified Chartered Accountant . contact him @ pkalani@kgcmail.com

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