GSTN & DGFT in an agreement for sharing forex realisation data

Q.  GSTN has inked a pact for sharing forex realisation data with which trade body?
- Published on 01 Nov 16

a. DEA
b. DGFT
c. ASSOCHAM
d. FICCI

ANSWER: DGFT
 
GSTN & DGFT in an agreement for sharing forex realisation dataGSTN has inked a pact with DGFT for sharing forex realisation data with the aim to strengthen processing of exports transactions of GST taxpayers.
  • The Goods and Services Network has signed an MoU with the commerce ministry for sharing of foreign exchange realisation and import-export code data.
  • The move can strengthen processing of export transactions of taxpayers under GST, lower human interface and increase accountability.
  • GSTN is a not-for-profit non-government private limited company promoted by the central and state government with specific mandate to create the IT infrastructure and the services required for implementing GST.
  • MoU was signed whereby the electronic bank realisation certificate captures transaction level detail of the foreign exchange realisation in India.
  • The electronic Bank Realisation Certificate project implemented by DGFT created an integrated platform for receipt, processing and use of all bank realisation related information by banks, central and state government departments and exporters.
  • The project enabled banks to upload foreign exchange realisation information subject to exports on the DGFT server under a secured protocol.

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