The Income Tax department has started showing GST Turnover in Form 26A. Earlier Form 26AS used to contain the information of Income, TDS & Income tax refund. Now the New Form 26AS contains various informations obtained from Banking Companies, Insurance Companies, Registrar of Property, Listed Companies, GST department etc.
As per the Revenue Department, the data analytics has detected the persons showing corers of Rupees as Turnover in GST and paying no taxes in Income Tax. The GST turnover in Form 26AS will work as a check on the fraudulent taxpayes, who declares lesser turnover in Income Tax return. The GST information in Form 26AS is for information purpose only. While filing Income tax return the GST Information will be readily available to the taxpayers in Form 26AS thus it will help, honest taxpayers to file their Income tax return correctly.
In a statement, the Department of Revenue ( DoR) reiterated that there will be no extra compliance burden on the taxpayers for GST turnover displayed in the Form 26AS, which is an annual consolidated tax statement that can be accessed from the income-tax website by taxpayers using their Permanent Account Number (PAN).
“The GST turnover is being shown in 26AS just for the information of taxpayer. DoR acknowledged that there may be some differences in GSTR-3Bs filed and the GST shown in the Form 26AS but it can’t happen that a person shows turnover of crores of rupees in GST and doesn’t pay a single rupee of income tax. There are quite a few such cases that have been detected in data analytics,” it said.
“There would be no change in the reporting requirement with the display of information of GST turnover in Form 26AS because the honest taxpayers are already furnishing GST returns and Income Tax Return and reporting their turnover correctly,” it added.
Thus, this will be an useful information to file Income tax return and check turnover mentioned in books with turnover mentioned in GST return. It will be helpful to the honest taxpayers to file the information in Income Tax return correctly.