NSFDC showcases success in bolstering entrepreneurship amongst depressed classes (See 'Corp Brief') Govt reviews BSNL performance for Q1 FY 2026-27 (See 'Corp Brief') India enters next phase of governance transformation with AI-driven administrative reforms: MoS (See 'Corp Brief') IPR - If infringing use is coupled alleged fraudulent online payment & earning schemes, conduct may be treated not merely as trademark infringement and passing off, but also as phishing & cyber fraud justifying urgent intervention: HC (See 'Legal Desk') MeitY releases 2nd edition of the Digital Threat Report 2025-26 for BFSI Sector (See 'Corp Brief') On Eve of Bharat Tex 2026, India prepares to host World's Largest Global Textiles Expo (See 'Corp Brief') IPR - In vitro screening method functions as diagnostic process, which is barred from patentability u/s 3(i) of Patents Act: HC (See 'Legal Desk') 'SANKALP' to guide CPWD's Journey towards Future-Ready Organisation: Union Minister (See 'Corp Brief') Healthcare facilities worth Rs 668 Crore to benefit 53 Lakh ESI Beneficiaries (See 'Corp Brief') Chouhan gives message of Green India during dialogue with Vriksh Mitra (See 'Corp Brief') IPR - If on visual comparison, rival medicinal marks are strikingly similar in essential features, overall get up and packaging, and where trade channels and consumer base are common, likelihood of deception is sufficient to justify interim injunction: HC (See 'Legal Desk') Lakhanpur among first towns selected under PM SVANidhi 'Street Food Hub' Plan: MoS (See 'Corp Brief') Paswan hails PMFME Scheme's landmark achievement of 2 lakh Credit-Linked Beneficiaries (See 'Corp Brief') 500 officials participate in inaugural webinar on Anemia and Adolescent Health (See 'Corp Brief') IPR - Purpose of summary judgment in commercial suits is to ensure time-bound disposal and that trial is not default norm: HC (See 'Legal Desk') Ministry of Textiles to organise 'Weave The Future 4.0 - Upcycling Edition' at Dilli Haat (See 'Corp Brief') IPR - For purposes of Sec 57 of Trade Marks Act, foreign proprietor may succeed in rectification by proving that its mark had acquired actionable recognition, even without formal commercial launch or direct sales: HC (See 'Legal Desk') Nadda chairs Steering Group Meeting of Ayushman Bharat Digital Mission (See 'Corp Brief') DoP and TRAI to conduct Village-Level Telecom Network Performance Survey (See 'Corp Brief') IBC - Demand notice in Form B under Rule 7(1) of Personal Guarantor Rules is only procedural requirement prior to filing and does not amount to invocation of guarantee: NCLT (See 'Legal Desk') Tech Innovation and disruption in Construction Industry (See 'CORP EINSICHT')

Print

MCA inks MOU with CBIC & MF for data exchange

Published: Mar 01, 2021

By TIOLCORPLAWS News Service

MUMBAI, MARCH 01, 2021: A formal Memorandum of Understanding (MOU) was signed on February 25, 2021 between the Ministry of Corporate Affairs (MCA) and Central Board of Indirect Taxes and Customs (CBIC), Ministry Of Finance (MF) for data exchange between the two organizations. The MoU was signed by Shri Manoj Pandey, Joint Secretary MCA and Shri B. B. Gupta, ADG, CBIC in the presence of Secretary, MCA and Chairman, CBIC. The MoU is in line with the vision of MCA and CBIC to harness data capabilities to ensure effective enforcement. Both the organizations 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 utilize 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 ADVAIT (Advanced Analytics in Indirect Taxation) a 360-degree taxpayer profiling tool. AI/ML, data analytics will play a critical role in achieving this synergy.

The MoU will facilitate the sharing of data and information between MCA and CBIC on an automatic and regular basis. It will enable sharing of specific information such as details of Bill of Entry (Imports), Shipping Bill (Exports) Summary from CBIC and financial statements filed with the Registrar by corporates, returns of allotment of shares. The MoU will ensure that both MCA and CBIC have seamless linkage for regulatory purposes. In addition to regular exchange of data, 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. Technology and data will play a critical role going forward in fulfilling the Government's vision of minimum government, maximum governance and both MCA and CBIC are well placed to fulfill this vision. The MoU comes into force from the date it was signed and is an ongoing initiative of MCA and CBIC, who are already collaborating through various existing mechanisms. A Data Exchange Steering Group also has 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. The MoU marks the beginning of a new era of cooperation and synergy between the two organizations.

TIOL CORP SEARCH

TIOL GROUP WEBSITES

taxindiaonline
taxindiainternational
tioltube
TKF
TIOLawards
A TIOL Website. Copyright © 2025 TIOLcorplaws.com All rights reserved.