Quick Summary
The Goods and Services Tax Network (GSTN), which is the technology interface between government and taxpayers, is due to be integrated with the countrys ambitious financial data sharing network Account Aggregator before July 1, according to top officials overseeing the process. This can significantly reduce friction in credit disbursement as it will enable small businesses to authorise lenders to access their tax records along with other financial information on a single platform. The tax
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FAQ :
GSTN officials stated that the network will go live on the Account Aggregator system before July 1, 2023.
Small businesses will be able to authorise lenders to access their tax records and other financial information on a single platform, reducing paperwork and speeding up the loan application process.
Goods and Services Tax (GST) Returns, specifically Form GSTR-1 and Form GSTR-3B, will be shared as financial information.
The Department of Revenue will act as the regulator of GSTN for its participation in the Account Aggregator framework.
The Account Aggregator framework enables the secure sharing of financial data between individuals and financial institutions, with consent from the individual.
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