Indore: In a bad news for tax-evaders, Goods and Service Tax (GST) and Income Tax departments will now share turnover details of individuals and companies on real-time basis. However, tax consultants have already expressed reservation on the new plan. The Central Board of Direct Taxes (CBDT) said that Principal Director General of Income-tax (Systems) or Director General of Income-tax (Systems), New Delhi would be authorized to furnish information to nodal officer of GSTN.
Data furnished by specified I-T authority would be request-based and would comprise important financial fields mentioned in ITRs, such as status of ITR filing, turnover, gross total income, turnover ratio, GTI range and turnover range. The modalities would be decided by specified authorities concerned. While furnishing information, specified Income-Tax Authority would also take a call on information that they may deem it necessary for specified GSTN authority to perform its functions under the GST.
To facilitate the process of furnishing information, Principal Director General of Income-tax (Systems) or Director General of Income-tax (Systems) would sign an MoU with Nodal Officer, GSTN, which inter-alia would include modalities of exchange of data, maintenance of confidentiality, mechanism for safe preservation of data, weeding out after usage etc. The time line for furnishing information will be decided by Pr Director General of Income-tax (Systems) or Director General of Income-tax (Systems) in consultation with Nodal Officer concerned and included in the said MoU. Though the tax consultants have appreciated the scheme, they said that it would be an additional reconciliation from the next year.