GSTN inks MoU with DGFT for sharing of forex realisation data

The Goods and Services Tax Network (GSTN) today signed a 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, an official said.

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 Ajay K Bhalla and GSTN CEO Prakash Kumar.

An electronic bank realisation certificate captures transaction level details of foreign exchange realised in India.

The eBRC 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.

The official said that 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.