Three weeks into the new tax regime, the Goods and Services Tax Network (GSTN) has said that it will analyze the statistics of tax payers registered with GSTIN and give them ratings based on the data they would provide on the portal.
GSTN is the technology backbone for implementing the single producer levy, which came into effect on July 1. The company will also study tax-payer behavior after the system has captured data for a couple of years. It will undertake studies of various kinds for the central government to help in the future planning process.
The GSTN will also help the government locate tax evaders. “It will compare the data of companies registered on the portal with those of the income tax department to find discrepancies.”
The system will alert the tax departments in case of any discrepancy between our data sets and those belonging to other tax departments.
GSTN, incorporated in 2013, has 24.5% equity from the government of India, and all states, including the NCT of Delhi and Puducherry, and the empowered committee of state finance ministers, together hold another 24.5%. The remaining 51% equity is with non-government financial institutions.
The GSTN system has been designed to handle two times the expected number of invoices. Businesses can start uploading their sale and purchase invoices generated post-July 1 on the GSTN portal from July 24.
Source: Times of India