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.
It will improve the regulatory enforcement.
Compliance Information Portal of CBIC
Portal will provide free access to information on all Customs procedures and regulatory compliance and complete knowledge of all the requirements related to import and export for all items. Information would be provided for nearly 12,000 Customs Tariff Items.
Significance: This facilitation tool will empower business with up-to-date information regarding legal and procedural requirements of Customs and Partner Government Agencies such as FSSAI, AQIS, PQIS, Drug Controller, etc. It will help in improving ease of doing cross border trade.
