CBDT and CBIC signs MoU for exchange of information

Lately many of the departments of ministry of finance and industry have been signing MoU for the exchange of information and smooth flow of information.

Earlier we saw CBDT and MSMED signing MoU for exchange of information and now CBDT and CBIC have signed MoU for exchange of information.

Earlier also CBDT and CBIC used to share information but that was in a pull manner we could say where information would only be shared if there is any case or assessment going on.

However now it will be shared in a push manner where information will be shared automatically and thus now people have to be cautious before either filing ITR or filing GST return because your turnover would be cross tallied by both department and you might get a notice.

You can read the update HERE.