The Central Board of Indirect Taxes and Customs (CBIC) and the Central Board of Direct Taxes (CBDT) on July 21 signed a Memorandum of Understanding for the data exchange between the two organisations.
MoU was signed by Chairman of CBDT, Pramod Chandra Mody, and his counterpart in CBIC M Ajit Kumar. Other senior officials from both the organisations were also present during the signing.
Along with the signing, a Data Exchange Steering group has also been constituted. The group will meet periodically to take the necessary steps to review the status of data exchange and improve the effectiveness of the data-sharing mechanism.
Objective of signing the MoU:
The Memorandum of Understanding (MoU) will facilitate the sharing of data and the information between CBIC and CBDT on an automatic and regular basis.
In addition to this, both the organisations will also have to exchange any information that will be available in their respective databases and which may have utility for other organisation.
As per the CBDT Spokesperson, Surabhi Ahluwalia, this marks the beginning of a new era of cooperation and synergy between CBIC and CBDT.
Background:
The latest MoU supersedes the earlier MoU that was signed between CBDT and the erstwhile Central Board of Excise and Customs (CBEC), in 2015.
As per the statement, significant developments have taken place since the earlier MoU was signed in 2015. The developments include the incorporation of GST Network, the introduction of Goods and Services Tax (GST), and change in the nomenclature of CBEC to the Central Board of Indirect Taxes and Customs (CBIC).
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