GSTN Inks Pact For Sharing Forex Realisation Data
Move to strengthen processing of export transactions of taxpayers under GST.
With an aim to strengthen processing of export transactions of taxpayers under GST, Goods and Services Network (GSTN) has signed an Memorandum of Understanding with the commerce ministry for sharing of foreign exchange realisation and import-export code data.
The move is "expected to strengthen processing of export transactions of taxpayers under GST, increase transparency and reduce human interface," the commerce ministry said in a statement on Friday.
GSTN is a not-for-profit, non-government, private limited company promoted by the central and state governments with the specific mandate to build the IT infrastructure and the services required for implementing GST.
The MoU was signed by Director General of Foreign Trade (DGFT) Ajay K Bhalla and GSTN Chief Executive Officer Prakash Kumar.
An electronic bank realisation certificate captures transaction level details of foreign exchange realised in India.
The e-BRC (electronic Bank Realization Certificate) 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.