Need Tally
for Clients?

Contact Us! Here

  Tally Auditor

License (Renewal)
  Tally Gold

License Renewal

  Tally Silver

License Renewal
  Tally Silver

New Licence
  Tally Gold

New Licence
 
Open DEMAT Account with in 24 Hrs and start investing now!
Direct Tax »
Open DEMAT Account in 24 hrs
 CBDT signs record number of 125 Advance Pricing Agreements in FY24
 CBDT issues guidelines for selection of cases for scrutiny, focus on tax evasion info by law enforcement agencies, note experts
 CBDT issues Guidelines and Procedure for Compulsory Selection of Income Tax Returns for Complete Scrutiny for FY 2024-2025
 Net direct tax collections exceed 2023-24 target
 Govt kicks off direct tax code revision
 ITR 2024 25 Check tax department s update on TDS and refunds
 Income Tax: Why did some taxpayers receive notice for discrepancy in house rent receipt? IT Dept explains
 Income tax exemption: 4 financial instruments you can still invest into before March 31
 CBDT drops small tax demands but not TCS, TDS claims
 ITR Refund: Awaiting money from Income Tax? Here's why you have not yet received your amount
 Income Tax Notice: What to do if you receive a Section 143 (1) notice from taxman?

CBDT and GSTN sign pact to nab evaders, reduce black money generation
May, 01st 2019

To nab tax evaders and reduce black money generation, the income tax department and Goods and Services Tax Network (GSTN) signed an agreement to facilitate exchange of data between the two.

The I-T department will share key financial information, including status of I-T return filings, turnover of business, gross total income, and turnover ratio among others with GSTN, the information technology backbone of the two-year-old indirect tax regime.

Besides, the two sides will decide on the modalities for “automatic”, “spontaneous” and “request based” exchange of data. The principal of I-T (systems) or director general of I-T (systems) will enter into a Memorandum of Understanding (MoU) with GSTN for sharing such information, The MoU shall also include different modalities such as confidentiality, timings, secure preservation, disposal after use, related to the exchange of data, the circular issued by the central board of direct taxes on Tuesday said.

The move will allow the I-T department to verify the information filed by businesses in income tax returns, compared to the annual GST returns.
“While furnishing the information, the specified income tax authority shall form an opinion that sharing of such information is necessary for the purposes of enabling the specified authority in GSTN to perform its functions under the goods and services tax (GST),” the CBDT said.

Rakesh Nangia, managing partner, Nangia & Co, said facilitation of exchange of data between authorities under income-tax and GST was indicative of the government’s intention not to spare taxpayers from escaping tax payable under any of the laws.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2024 CAinINDIA All Right Reserved.
Designed and Developed by Ritz Consulting