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) today. Especially for exchange the data between the two organisations. The MoU was signed by Shri Pramod Chandra Mody, Chairman, CBDT, and Shri M. Ajit Kumar, Chairman, CBIC, by the witness of senior officers from both the organizations.
This MoU substitutes the MoU signed between CBDT and the erstwhile Central Board of Excise and Customs (CBEC) in the year 2015. Significant developments have already placed since the signing of MoU in 2015. It consists 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). It has the changes whatever made till now such as advancements in technology, are duly incorporated in the MoU signed today.
The MoU will unclog the sharing of data and information between CBDT and CBIC on an automatic way regularly. Moreover it has the spontaneous exchange of data, CBDT and CBIC will also exchange with each other. According to their request and spontaneous basis, any information available with the respective databases which may have utility for the other organisation.
The MoU implements from the date it was signed and 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 monitor and review about it’s data sharing mechanism.
The MoU engraves the beginning of a new era of cooperation and synergy between the CBDT and CBIC.