The Central Board of Direct Taxes (CBDT) and the Central Board of Indirect Taxes and Customs (CBIC) on Tuesday signed a memorandum of understanding for data exchange between the two orgsations.
"This marks the beginning of a new era of cooperation and synergy between the CBDT and CBIC," said CBDT spokesperson Surabhi Ahluwalia,
The MoU will facilitate the sharing of data and information between CBDT and CBIC on an automatic and regular basis. In addition, both orgsations will also exchange any information available in their respective databases which may have utility for other orgsations.
It was signed by CBDT Chairman Pramod Chandra Mody and his counterpart in CBIC M Ajit Kumar in the presence of senior officers.
The MoU supersedes the one signed in 2015. Significant developments have taken place since then including the introduction of Goods and Services Tax (GST), incorporation of GST Network and change in the nomenclature of Central Board of Excise and Customs (CBEC) to the Central Board of Indirect Taxes and Customs.
A Data Exchange Steering Group has also been constituted which will meet periodically to review the data exchange status and take steps to further improve the effectiveness of data sharing mechsm.
( With inputs from ANI )