The Ministry of Corporate Affairs and Central Board of Indirect Taxes and Customs today signed a Memorandum of Understanding in New Delhi for data exchange between the two organisations. It is in line with the vision of both organisations to harness data capabilities to ensure effective enforcement. Both are going to benefit from access to each other’s databases which include details of import-export transactions and consolidated financial statements of companies registered in the country.
The data sharing arrangement gains significance in light of development of MCA21 Version 3 which will utilise state of the art technology for enhancing ease of doing business in India and improve the regulatory enforcement and similar steps by CBIC like the launch of Advanced Analytics in Indirect Taxation ADVAIT, a 360-degree taxpayer profiling tool.
The MoU will facilitate the sharing of data and information between the Ministry of Corporate Affairs and Central Board of Indirect Taxes on an automatic and regular basis.
The MoU will ensure that both organisations have seamless linkage for regulatory purposes. The MoU comes into force from today and is an ongoing initiative of Ministry of Corporate Affairs and Central Board of Indirect Taxes, who are already collaborating through various existing mechanisms.
Source: News On Air