New Delhi: The Commercial Tax Department of Bihar has signed a Memorandum of Understanding (MoU) with Directorate General of Foreign Trade (DGFT) for sharing of foreign exchange realisation data.
The foreign exchange realisation data is an important economic indicator as it quantifies transaction level export earnings. This is also known as eBRC (Electronic Bank Realization Certificate) data. BRC can be used by state government departments for ensuring refund of VAT to eligible exporters.
The e-BRC project enables banks to upload foreign exchange realisation information relating to merchandise goods 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 1.5 Crore e-BRCs on to the DGFT server.
The eBRC project created an integrated platform for receipt, processing and subsequent use of all Bank Realization related information by exporters, banks, central and state government departments. Earlier, the banks issued physical copy of BRC to exporters and no data mining or analysis was possible. The process for BRC issuance and subsequent utilization were largely manual and department-centric. The exporters suffered most as they had to run to banks and government departments for claiming benefits.
So far, Commercial Tax Departments of 13 states have signed MoU with DGFT for receiving e-BRC data for VAT refund purposes. These are Maharashtra, Delhi, Andhra Pradesh, Odisha, Chhattisgarh, Haryana, Tamil Nadu, Karnataka, Gujarat, Uttar Pradesh, Madhya Pradesh, Kerala and Goa.
In addition, the Ministry of Finance, Enforcement Directorate and Agricultural & Processed Food Products Export Development Authority (APEDA) have also signed MoU with DGFT for receiving e-BRC data.
Commissioner and principal secretary of the Commercial Taxes Department Sujata Chaturvedi represented the Government of Bihar while additional DGFT DK Singh represented DGFT. The ceremony was MoU signing presided over by DGFT Anup Wadhawan.