“In addition to regular exchange of data, the MCA and CBIC will also exchange with each other, on request, any information available in their respective databases, for the purpose of carrying out scrutiny, inspection, investigation and prosecution,” the MCA said.
Experts said the move could help prevent revenue leakages. “Earlier during 2020, the CBIC had signed an MoU with the CBDT and now has signed another with MCA. The key objectives here seem to sufficiently leverage the technological developments, and ensure that true and correct data is being furnished by the taxpayers to government bodies. Overall this definitely is a step in the right direction,” said Abhishek Jain, tax partner at EY.
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