CBIC signed MoU with CBDT to facilitate smoother bilateral exchange of data

Central Board of Direct Taxes (CBDT) and the Central Board of Indirect Taxes and Customs (CBIC) signed a Memorandum of Understanding (MoU) with immediate effect.
The MoU aims for data exchange between the two organizations.
The MoU aims to facilitate data sharing and information between CBDT and CBIC on an automatic and regular basis.
Apart from this, CBDT and CBIC will exchange with each other, on request and spontaneous basis, any information available in their respective databases which may have utility for the other organization.
The MoU is an ongoing initiative of CBDT and CBIC, who are already collaborating through various existing mechanisms.
Under the MoU, a Data Exchange Steering Group has been constituted for the initiative. The group will meet periodically to review the data exchange status and take steps to further improve the effectiveness of the data-sharing mechanism.