Economy

CBDT, CBIC sign fresh MoU for data sharing

Our Bureau. New Delhi | Updated on July 21, 2020

Apart from automatic exchange of data, information on request will also be shared by the two tax policy bodies

Two tax policy bodies under the Finance Ministry — the Central Board of Direct Taxes (CBDT) and the Central Board Indirect Taxes & Custom (CBIC) — have signed a Memorandum of Undertaking (MoU) on Tuesday for data exchange.

CBDT is the apex policy making body for corporate tax and personal income tax while CBIC looks after Central GST, Central excise duty and Custom duty.

The MoU was signed by Pramod Chandra Mody, Chairman, CBDT, and M Ajit Kumar, Chairman, CBIC, in the presence of senior officers from both the organisations.

This MoU will facilitate the sharing of data and information between CBDT and CBIC on an automatic and regular basis. In addition to regular exchange of data, CBDT and CBIC will also exchange with each other, on request and spontaneous basis, any information available in their respective databases.

The MoU comes into force from the date it was signed and is an ongoing initiative of the two boards, which are already collaborating through various existing mechanisms.

A Data Exchange Steering Group has also been constituted for the initiative, which will meet periodically to review the data exchange status and take steps to further improve the effectiveness of the data sharing mechanism.

Published on July 21, 2020

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