{"id":232578,"date":"2020-07-21T15:15:35","date_gmt":"2020-07-21T09:45:35","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=232578"},"modified":"2020-07-21T14:48:17","modified_gmt":"2020-07-21T09:18:17","slug":"cbic-cbdt-sign-mou-to-facilitate-smoother-bilateral-exchange-of-data","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2020\/07\/21\/cbic-cbdt-sign-mou-to-facilitate-smoother-bilateral-exchange-of-data\/","title":{"rendered":"CBIC &#038; CBDT sign MoU to facilitate smoother bilateral exchange of data"},"content":{"rendered":"<p style=\"text-align: justify;\">A Memorandum of Understanding (MoU) was signed between the Central Board of Direct Taxes (CBDT) and the\u00a0<a href=\"http:\/\/www.cbec.gov.in\/\">Central Board of Indirect Taxes and Customs<\/a> (CBIC) for data exchange between the two organisations.<\/p>\n<p style=\"text-align: justify;\">This MoU supersedes the MoU signed between CBDT and the erstwhile Central Board of Excise and Customs (CBEC) in the year 2015. Significant developments have taken place since the signing of earlier MoU in 2015 including introduction of GST, incorporation of GSTN and change in the nomenclature of Central Board of Excise and Customs (CBEC) to Central Board of Indirect Taxes and Customs (CBIC). Changed circumstances, including advancements in technology, are duly incorporated in the MoU signed today.<\/p>\n<p style=\"text-align: justify;\">This MoU will facilitate the sharing of data and information between CBDT and CBIC on an automatic and regular basis. In addition to regular exchange of data, CBDT and CBIC will also exchange with each other, on request and spontaneous basis, any information available in their respective databases which may have utility for the other organisation.<\/p>\n<p style=\"text-align: justify;\">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.<\/p>\n<p style=\"text-align: justify;\">The MoU marks the beginning of a new era of cooperation and synergy between the CBDT and CBIC.<\/p>\n<hr \/>\n<p><strong>Ministry of Finance<\/strong><\/p>\n<p style=\"text-align: right;\"><strong>[Press Release dt. 21-07-2020]<\/strong><\/p>\n<p>[Source: PIB]<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A Memorandum of Understanding (MoU) was signed between the Central Board of Direct Taxes (CBDT) and the\u00a0Central Board of Indirect Taxes and <\/p>\n","protected":false},"author":8808,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8051,2,8],"tags":[42635,29414,30790,35917,6241,2824,2665],"class_list":["post-232578","post","type-post","status-publish","format-standard","hentry","category-business_news","category-news","category-treaties_conventions_internationalagreements","tag-bilateral-exchange","tag-cbdt","tag-cbic","tag-data-exchange","tag-gst","tag-Ministry_of_Finance","tag-MoU"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.4 (Yoast SEO v26.4) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>CBIC &amp; 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DGIT (Systems), CBDT and\u00a0 Madhabi Puri Buch, Whole\u2026","rel":"","context":"In &quot;News&quot;","block_context":{"text":"News","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":156754,"url":"https:\/\/www.scconline.com\/blog\/post\/2017\/09\/15\/mou-between-ministry-of-corporate-affairs-and-cbdt-for-automatic-and-regular-exchange-of-information\/","url_meta":{"origin":232578,"position":2},"title":"MoU between Ministry of Corporate Affairs and CBDT for automatic and regular exchange of information","author":"Saba","date":"September 15, 2017","format":false,"excerpt":"Taking forward the initiative launched by the Government of India to curb the menace of shell companies, money laundering and black money in the country and prevent misuse of corporate structure by shell companies for various illegal purposes, the Ministry of Corporate Affairs and Central Board of Direct Taxes (CBDT)\u2026","rel":"","context":"In &quot;Hot Off The Press&quot;","block_context":{"text":"Hot Off The Press","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/hot_off_the_press\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":197896,"url":"https:\/\/www.scconline.com\/blog\/post\/2018\/07\/03\/shri-s-ramesh-takes-over-as-chairman-central-board-of-indirect-taxes-and-customs\/","url_meta":{"origin":232578,"position":3},"title":"Shri S. 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