CBDT, CBIC sign MoU to facilitate exchange of information on regular basis

Topics CBDT | CBIC | CBEC

The MoU will facilitate the exchange of information between the two boards on an automatic and regular basis, besides any other information on request.
A memorandum of understanding has been signed between the direct and indirect tax boards to exchange data with each other.

The MoU between the Central Board of Direct Taxes (CBDT) and the Central Board of Indirect Taxes and Customs (CBIC) replaces the one signed between the former and erstwhile Central Board of Excise and Customs (CBEC).

The CBIC came into existence after the introduction of the goods and services tax (GST) on July one, 2017.

The finance ministry said important developments such as the incorporation of GST Network and advancement of technology have duly been incorporated in the MoU.

The MoU will facilitate the exchange of information between the two boards on an automatic and regular basis, besides any other information on request.

S R Patnaik, partner at Cyril Amarchand Mangaldas said the move is bound to cause concern for the taxpayers.  "The actual issue will depend on the level of exchange that takes place between the two agencies. However, companies have to be careful while disclosing information with either of the agencies as they will also have to be prepared that such information may be shared with the other agency,"


Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel