CBDT and CBIC Sign MoU for Exchange of Data
A memorandum of understanding has been signed between the Central Board of Direct Taxes and the Central Board of Indirect Taxes and Customs in order to ensure the smooth exchange of data between the two organizations. This was signed in the presence of the chairman of both the organizations along with other senior officials.
It is going to supersede the earlier agreement between CBDT and CBEC in 2015 since a lot of things has changed over the period time such as the implementation of GST, incorporation of GSTN and change in the nomenclature of the CBEC itself to CBIC. In the present MoU, changed circumstances along with advancements in technology have been highlighted properly.
As per the terms and conditions of the MoU, it will facilitate the sharing of data and information between the two government agencies on automatic and regular basis. It will also exchange with each other, on request and spontaneous basis, any information available in their custody that may have utility for the other organization.
In this regard, these two organizations were already collaborating through various other mechanisms. A Data Exchange Steering Group has also been constituted for this initiative and this will meet periodically to take stock the status of exchange of data and also take further corrective measures as and when required.
Overall, this is expected to welcome the advent of a new era in the relationship between the Central Board of Direct Taxes and the Central Board of Indirect Taxes and Customs.
Month: Current Affairs - July, 2020
Category: Economy & Banking Current Affairs