Quick Summary
The Ministry of Corporate Affairs (MCA) and Central Board of Indirect Taxes and Customs (CBIC), Ministry of Finance, here today signed a Memorandum of Understanding (MOU) for data exchange between the two organisations. The MoU was signed by Shri Manoj Pandey, Joint Secretary, MCA, and Shri B. B. Gu
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FAQ :
The MoU is signed for the exchange of data between the MCA and CBIC to curb tax evasion and ensure effective enforcement by harnessing data capabilities.
The data shared will include details of import-export transactions, consolidated financial statements of companies, Bill of Entry (Imports), Shipping Bill (Exports) Summary, and returns of allotment of shares.
By enabling seamless data sharing and linkage, the MoU will allow both organisations to have access to crucial information for scrutiny, investigation, and prosecution, thereby helping to curb tax evasion.
Technology, including AI/ML and data analytics, will play a critical role in achieving synergy and enhancing the effectiveness of the data sharing mechanism, aligning with the government's vision of minimum government, maximum governance.
Yes, a Data Exchange Steering Group has been constituted to periodically review the data exchange status and improve the effectiveness of the mechanism.
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