NEW DELHI: The income tax department will share data with GST Network (GSTN) on important financial parameters such as status of I-T returns filing, turnover and income of businesses, as the authorities seek to plug loopholes and nab tax evaders.
Income tax officers and GSTN, the company that handles the information technology backbone of the new indirect tax regime, will also decide on the modalities for “automatic” and “spontaneous” exchange of data besides the “request-based” data exchange.
The principal director general of I-T (systems) or director general of I-T (systems) would enter into a memorandum of understanding (MoU) with GSTN to facilitate the process of furnishing information, according to an order by the Central Board of Direct Taxes (CBDT).
The MoU would include modalities of exchange of data, maintenance of confidentiality, and mechanism for safe preservation of data. (AGENCIES)
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