CBDT and CBIC sign MoU for exchange of information on automatic and regular basis

CBDT and CBIC sign MoU for exchange of information on automatic and regular basis

• The Central Board of Direct Taxes, (CBDT) and the Central Board of Indirect Taxes and Customs, (CBIC) have inked a Memorandum of Understanding (MoU) for exchange of information between the two organizations.
• The MoU was signed by CBDT Chairman Pramod Chandra Mody and CBIC Chairman M. Ajit Kumar, on 21 July 2020.
• This new MoU supersedes the MoU signed between CBDT and the erstwhile Central Board of Excise and Customs (CBEC) in the year 2015.
• The MoU comes into force from the date it was signed and is an ongoing initiative of CBDT and CBIC.
• The latest MoU will facilitate the sharing of data and information between CBDT and CBIC on an automatic and regular basis.
• 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.
• A Data Exchange Steering Group has also been constituted for this purpose, which will meet periodically to review the data exchange status and take steps to further improve the effectiveness of the data sharing mechanism.