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MCA & CBIC sign MoU for exchange of data
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SME Times News Bureau | 25 Feb, 2021
The Ministry of Corporate Affairs (MCA) and the Central Board of
Indirect Taxes and Customs (CBIC) signed a Memorandum of Understanding
(MOU) on Thursday for data exchange between the two organisations.
The
MoU was signed by Manoj Pandey, Joint Secretary, MCA, and B. B. Gupta,
ADG, CBIC, in the presence of Rajesh Verma, Secretary, MCA and M. Ajit
Kumar, Chairman, CBIC.
The MoU is in line with the vision of MCA
and CBIC to harness data capabilities to ensure effective enforcement.
Both the organisations 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 the 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
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 arrangement 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 fulfil 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 has also 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 organisations.
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