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MCA & CBIC SIGN MOU

The Ministry of Corporate Affairs (MCA) and Central Board of Indirect Taxes and Customs (CBIC), Ministry of Finance, signed a Memorandum of Understanding (MOU) for data exchange between the two organisations.

About the MoU:

• 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 development of MCA21 Version 3 which will utilise state of the art technology for enhancing ease of doing business in India and improve regulatory enforcement and similar steps by CBIC like the launch of ADVAIT.

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 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.

MCA21 Version 3.0.

• MCA21 is an end-to-end holistic e-Governance project which has been running successfully and has enabled the Corporate Affairs Ministry to achieve very high standards of service delivery, besides providing the Government with a comprehensive National Corporate Information Database.
• MCA21 system is also integrated with the registration of EPFO, ESIC, GST, PAN and TAN at the time of incorporation of companies.
• MCA21 Version 3.0 will have additional modules for e-Adjudication, e-Consultation, and Compliance Management.
• The version is envisioned to strengthen enforcement, promote Ease of Doing Business, enhance the user experience, facilitate seamless integration and data exchange among Regulators.
• Aligned with global best practices and aided by emerging technologies such as Artificial Intelligence, MCA21 V3 is envisioned to transform the corporate regulatory environment in India.

 

SOURCE: PIB,THE ECONOMIC TIMES