MoS announces Rs.720 Crore Quantum Fabrication facilities at IIT Bombay (See 'Corp Brief') India, Afghanistan to deepen cooperation in Textile Sector (See 'Corp Brief') MoS lauds Quantum sensing breakthroughs by IIT, inaugurates first Liquid Helium Cryogenic facility (See 'Corp Brief') Evidence-Based Ayurvedic Products are Future of Wellness: Jadhav (See 'Corp Brief') Hotel, Industry & farmers partnerships is Critical for mutual growth: Agri Secy (See 'Corp Brief') MeitY launches Cyber Security Innovation Challenge (See 'Corp Brief') India-Oman Joint Military Cooperation Committee meeting held in New Delhi (See 'Corp Brief') A&C - Once right to file written statement is closed, application under Section 8 of Arbitration and Conciliation Act seeking reference to arbitration is not maintainable: HC (See 'Legal Desk') 'Workers are the miners of nation-building': Sonowal (See 'Corp Brief') India strengthens Textile and Sericulture Cooperation with Georgia (See 'Corp Brief') J&K to host launch of First Limestone Block Auction Roadshow (See 'Corp Brief') Indian Railways crosses 1 Billion Tonne Freight Loading in FY 25-26 (See 'Corp Brief') FEMA - Indian currency falls within scope of 'property' u/s 63 of FERA, empowering authorities to confiscate it when used in contravention of law: HC (See 'Legal Desk') IICA, DGR conclude Certification Program for senior Defence Officers (See 'Corp Brief') Op Drishti: Over 400 surgeries performed at Northern Command, J&K (See 'Corp Brief') ILO welcomes India's Labour Codes (See 'Corp Brief') Limitation Act - provisions of Limitation Act cannot be applied beneficially in favor of a petitioner who demonstrates mala fide intentions, including tampering with official documents: HC (See 'Legal Desk') PMLA - Pre-arrest protection would undermine integrity of ongoing investigation, and anticipatory bail in such cases should be granted sparingly: HC (See 'Legal Desk') RTI/SEBI - Refusal to disclose certain information justified, where details sought for pertains to commercial interests of third parties & received by SEBI in fiduciary capacity during its regulatory functions & disclosure of which could harm competitive position of relevant entities - YES: SEBI (See 'Legal Desk') Misc - When election process was initiated by notifying election and subsequently commenced, writ petition is not maintainable against it without exhausting alternate remedy: HC (See 'Legal Desk') PMLA - Question of substitution of attached property by way of any cash deposit or fixed deposit does not arise, if said property directly/indirectly acquired are attached, but not attached as value thereof: SAFEMA (See 'Legal Desk') Government intervention and Corporate governance (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.