GST Network signs MoU With DGFT for sharing of foreign exchange realisation data
October, 28th 2016
The Goods and Services Tax Network (GSTN) — a not-for-profit company set up to provide IT infrastructure and services for the implementation of GST -- has entered into an memorandum of understanding with the Directorate General of Foreign Trade (DGFT) for sharing of foreign exchange realisation and import export code data.
The move is expected to strengthen the processing of export transactions of taxpayers under GST, increase transparency and reduce human interface, according to an official release.
The MoU was signed by DGFT Ajay K Bhalla and GSTN CEO Prakash Kumar.
An electronic bank realisation certificate (eBRC) captures the transaction level details of foreign exchange realised in India.
The e-BRC project implemented by DGFT created an integrated platform for receipt, processing and subsequent use of all bank realisation related information by exporters, banks, central and state government departments.
The e-BRC project enabled banks to upload foreign exchange realisation information related to exports on to the DGFT server under a secured protocol.
So far, 100 banks operating in India, including foreign banks and cooperative banks have uploaded more than 1.9 crore e-BRCs on to the DGFT server, the release stated.