On July 21, Two tax policy bodies under the Finance Ministry: The Central Board of Direct Taxes (CBDT) and the Central Board of Indirect Taxes and Customs (CBIC), signed A Memorandum of Understanding (MoU) for a smoother data exchange between the two organisations. The MoU comes into force from the date of signing.
The MoU was signed by:
CBDT- Shri Pramod Chandra Mody, Chairman, CBDT
CBIC- Shri M. Ajit Kumar, Chairman, CBIC
In the presence of senior officers from CBDT and CBIC.
Highlights of the MoU:
- It facilitates data sharing between both the organisations on automatic and regular basis.
- A Data Exchange Steering Group has been constituted in this regard, to review the data exchange status and also to improve the effectiveness of the data sharing mechanism periodically.
- It marks the beginning of a new era of cooperation and synergy between both the organisations.
Note: This MoU supersedes the MoU signed between CBDT and Central Board of Excise and Customs (CBEC) in the year 2015.
About Finance Ministry:
Union Minister- Nirmala Sitharaman
Minister of State- Shri Anurag Singh Thakur
About Central Board of Direct Taxes (CBDT):
Headquarters- New Delhi
Chairperson- Pramod Chandra Mody
About Central Board of Indirect Taxes and Customs (CBIC):
Headquarter- New Delhi
Chairman- M. Ajit Kumar