In order to avoid tax evasion, the Government has been developing interlinkages of information between GST and Income Tax which started from providing of certain GST disclosures in the Tax Audit Report.
Taking the mission of interlinkages forward, the Central Board of Direct Taxes (“CBDT”) in an order dated September 29th, 2020 has in exercise of the powers conferred under Section 119 of the Income Tax Act, 1961 read with sub-rule (2) of Rule 114-I of the Income Tax Rules, 1962 authorized the Principal Director of Income Tax (Systems) or the Director General of Income Tax (Systems) to upload information relating to GST return, which is in his possession, in the Annual Information Statement in Form 26AS, within three months from the end of the month in which the information is received by him.
The Principal Director General of Income Tax (Systems) or the Director General of Income Tax (Systems) shall specify the procedures, formats, and standards for the purposes of uploading of Annual Information Statement in Form 26AS containing the information referred to in para above.
Needless to mention here that Revised Form 26AS is also called as Annual Information Statement as was introduced in Budget 2020-21 and has come into effect from June, 1, 2020.
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