July 21, 2020: The finance ministry said important developments such as the incorporation of GST Network and advancement of technology have duly been incorporated in the MoU.
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.
Source: Business Standard
