Section 150 requires specified persons, authorities, and institutions to furnish information returns to GST authorities. The purpose of this provision is to enable tax authorities to collect information from various sources and use it for verification, risk assessment, and detection of tax evasion.

The section empowers the Government to require entities such as government departments, local authorities, banks, financial institutions, registrars, electricity boards, stock exchanges, and other notified bodies to submit information relating to transactions undertaken by taxpayers. Such information may include details of purchases, sales, property transactions, financial dealings, registrations, and other activities relevant for GST administration.

The data collected through information returns helps authorities cross-verify taxpayer disclosures, identify mismatches, detect under-reporting of turnover, and improve overall compliance monitoring. This provision strengthens the Government's ability to use data analytics and technology-driven enforcement mechanisms.

If an entity fails to furnish the required information or provides inaccurate information, corrective action may be initiated under the GST law. The section therefore imposes an important compliance obligation on notified institutions.

The objective is to enhance transparency, improve tax administration, and ensure that GST authorities have access to reliable information for effective enforcement and revenue protection.

Example:
A notified authority may be required to furnish information regarding high-value transactions undertaken by taxpayers during a financial year.

Key Point:
Specified institutions must provide information to GST authorities when required.

In One Line:
Section 150 enables GST authorities to obtain information from notified entities for compliance verification and tax administration.