CBDT and CBIC to exchange information on automatic and regular basis

0

The Central Board of Direct Taxes (CBDT) and the Central Board of Indirect Taxes and Customs (CBIC) signed a Memorandum of Understanding (MoU) for exchange of information.

This MoU will facilitate the sharing of data and information between CBDT and CBIC on an automatic and regular basis, including on request, from their respective databases.

The MoU comes into force 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 review the data exchange status and take steps to further improve the effectiveness of the data sharing mechanism.