On July 21, 2020, the Central Board of Direct Taxes (CBDT) and Central Board of Indirect Taxes and Customs (CBIC) signed Memorandum of Understanding to exchange data with each other.
The agreement will help to facilitate exchange of information between the boards on regular basis. The agreement signed replaces the former agreement signed between Central Board of Excise and Customs (CBEC) and CBDT
The CBIC was established after GST (Goods and Services Tax) was introduced.
Under Section 138 Income Tax act, CBDT will share data regarding sales of plant and machinery. The CBDT will soon start sharing data regarding sales, depreciation, gross turnover of MSMEs with the Ministry of MSMEs.
This is highly important as GoI has MSMEs in its high priority list. The MSMEs were badly affected due to COVID-19. Hence, GoI is now all set to boost the sector under Atma Nirbhar Bharat Abhiyan.
Categories: Economy & Banking Current Affairs