Ministry of Corporate Affairs and Central Board of Indirect Taxes and Customs have signed a Memorandum of Understanding on February 25, 2021 for data exchange between both the organisations.
Both the organisations will benefit from getting access to each other’s databases such as details regarding import-export transactions and consolidated financial statements of companies which are registered in India.
Significance
It will ensure that both the organisations have seamless linkage between them for regulatory purposes and for the purpose of investigation, prosecution, scrutiny, and inspection.
