The apex policymaking bodies for direct and indirect taxes on Tuesday signed a pact for data sharing on automatic and regulatory basis.
A Memorandum of Understanding (MoU) was signed between the Central Board of Direct Taxes (CBDT) and the Central Board of Indirect Taxes and Customs(CBIC) for data exchange between the two organisations, an official statement said.
The MoU was signed by CBDT Chairman Pramod Chandra Mody and CBIC Chairman M Ajit Kumar. It will facilitate sharing of data and information between CBDT and CBIC on an automatic and regular basis, it added.
"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 which may have utility for the other organization," the statement said.
This is an ongoing initiative of CBDT and CBIC, who 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," it added.
The MoU supersedes the earlier MoU signed between CBDT and the erstwhile Central Board of Excise and Customs (CBEC) in the year 2015.
The statement said that significant developments have taken place since the signing of earlier MoU in 2015, including introduction of GST, incorporation of GSTN and change in the nomenclature of CBEC to CBIC.
Changed circumstances including advancements in technology are duly incorporated in the MoU signed on Tuesday, it said.
A Memorandum of Understanding (MoU) was signed between the Central Board of Direct Taxes (CBDT) and the Central Board of Indirect Taxes and Customs(CBIC) for data exchange between the two organisations, an official statement said.
The MoU was signed by CBDT Chairman Pramod Chandra Mody and CBIC Chairman M Ajit Kumar. It will facilitate sharing of data and information between CBDT and CBIC on an automatic and regular basis, it added.
"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 which may have utility for the other organization," the statement said.
This is an ongoing initiative of CBDT and CBIC, who 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," it added.
The MoU supersedes the earlier MoU signed between CBDT and the erstwhile Central Board of Excise and Customs (CBEC) in the year 2015.
The statement said that significant developments have taken place since the signing of earlier MoU in 2015, including introduction of GST, incorporation of GSTN and change in the nomenclature of CBEC to CBIC.
Changed circumstances including advancements in technology are duly incorporated in the MoU signed on Tuesday, it said.