GSTN, DGFT sign MoU for sharing of foreign exchange realisation data

The Goods and Services Network (GSTN) has announced signing of a Memorandum of Understanding (MoU) with Director General of Foreign Trade (DGFT) for sharing of foreign exchange realization and import export code data.

The move is likely to strengthen the processing of export transactions of taxpayers under GST and increase transparency and reduce human interface.

An electronic bank realization certificate (eBRC) captures transaction level details of foreign exchange realized in India. The eBRC project implemented by DGFT created an integrated platform for receipt, processing and subsequent use of all bank realization related information by the exporters, banks, central and state government departments.

The MoU was signed by Director General of Foreign Trade, Ajay K Bhalla, and GSTN CEO Prakash Kumar.

The e-BRC project enabled the banks to upload foreign exchange realization information related to exports on to the DGFT server under a secured protocol.

So far, 100 banks, including foreign banks and cooperative banks, operational in India have uploaded more than 1.9 crore e-BRCs on to the DGFT server.

Earlier, the DGFT signed MoUs with 14 state governments and two central government agencies for sharing of the data.

At the state level, Commercial Tax Departments of 14 states, which includes Maharashtra, Delhi, Andhra Pradesh and Odisha amongst others, have signed MoU with DGFT for receiving e-BRC data for VAT refund purposes.