15th July’19, Indirapuram: This has been formally announced in India that the income tax department will soon be sharing the tax return data of the business owners with the Goods and Services Tax Network (GSTN) officer. This specific move will be aimed at keeping a check at the income mismatches or anomalies which often persist between their itr filing in indirapuram and gst filing in indirapuram .
There is a clear mandate that the business persons require to ensure that their itr filing in indirapuram and gst filing in indirapuram correlate. A business owner whose income as per itr filing in indirapuram is sharply at variance with the gst filing in indirapuram would certainly come under the lens. Prior to GST’s introduction, the department was not able to reconcile the data filed by the business persons’ service tax/sales tax return and itr filing in indirapuram . The reason for the same is that the sales tax return used to be filed at the different state levels and service tax return used to be filed at the national level. After the introduction of GST, all the data are readily available at the central level which enables the exchange of data between both the authorities smooth and easy.
Summary
As per a Memorandum of Understanding (MoU) which was signed between the Principal Director General of Income Tax and nodal officer, GSTIN, there will be a flow of data and communication between both the departments with the aim of bringing fair practices in itr filing in indirapuram and gst filing in indirapuram .