MoU Signed Between CBDT and CBIC to Facilitate Bilateral Data-sharing

The Central Board of Direct Taxes (CBDT) has signed a Memorandum of Understanding (MoU) with the Central Board of Indirect Taxes (CBIC) to facilitate an agreement for the exchange of data between the two organisations. The MoU was signed by Shri Pramod Chandra Mody, the Chairman of the CBDT, and Shri M. Ajit Kumar, the Chairman of the CBIC on the 21st of July 2020.

There had been an MoU formerly in place between the CBDT and the erstwhile Central Board of Excise and Customs (CBEC), which was signed in the year 2015. However, the new MoU will now supersede the existing MoU and will facilitate the sharing of data on a regular and automatic basis.

Also Read: SEBI and CBDT Signed MOU for Exchange of Information

The Ministry of Finance said in a release, “Significant developments have taken place since the signing of earlier MoU in 2015 including the introduction of GST, incorporation of GSTN and change in the nomenclature of Central Board of Excise and Customs (CBEC) to Central Board of Indirect Taxes and Customs (CBIC). Changed circumstances, including advancements in technology, are duly incorporated in the MoU signed today.”

Besides the regular exchange of data, the sharing of data from the respective databases, which may have relevance for either organisation will take place, both on request and spontaneously. The release further stated that a Data Exchange Steering Group had been constituted to periodically meet and review the data exchange status to improve the effectiveness of the mechanism.

For any clarifications/feedback on the topic, please contact the writer at athena.rebello@cleartax.in

You May Also Like

Taxation of dividend income received on or after 1 April 2020 (FY 2020-21)

You may receive a dividend from your equity or mutual fund investments.…
GSTR-9

CBIC has notified an extension of two months to various GST compliance

The government of India has notified yet another extension for the completion…

Summary of CBIC notifications dated 24th June 2020 on GST extensions

The CBIC issued several GST notifications on 24th June 2020. Here’s the…
Gold Jewellery

24K Gold Rate in India for November 2019: Week 4

The fourth week began with the gold rate in India holding at…