Live
- ‘Get Set, Grow Summit 2024’ Focuses on Digital Detox for Families
- Stokes motivates his team to put in extra effort, says England pacer Potts
- From overcoming setbacks to leading India in U19 Women’s Asia Cup, Niki Prasad's amazing journey
- Driving Enterprise Security: Inside Venkata Reddy Thummala’s Leadership Journey
- Constitution debate: PM Modi hails 'Nari Shakti'; makes strong pitch for 'United Bharat’
- Abhijeet Bhardwaj: Revolutionizing Enterprise Analytics with Innovation and Expertise
- Bihar: Inquiry initiated against principal who went to buy veggies during school hours
- Press Sri Lankan Prez for release of Indian fishermen: TN Cong MP to EAM Jaishankar
- TN: DMK postpones executive meet due to heavy rains & Parliament session
- Porous silicon oxide electrodes can fix durability issues in batteries: Researchers
Ministry of Corporate Affairs and CBIC sign MoU Delhi for data exchange
The MOU was signed in the presence of Secretary, MCA, JS MCA & virtual presence of Chairman, CBIC, Board Members, CBIC and other senior officers. (Image credit: Twitter)
The Ministry of Corporate Affairs (MCA) and Central Board of Indirect Taxes and Customs (CBIC) on Thursday signed a Memorandum of Understanding (MoU) in New Delhi for data exchange between the two organisations.
The Ministry of Corporate Affairs (MCA) and Central Board of Indirect Taxes and Customs (CBIC) on Thursday signed a Memorandum of Understanding (MoU) 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.
