Quick Summary
In a significant development aimed at facilitating smoother access to credit for businesses, the Government of India has granted permission to the Goods and Services Tax Network (GSTN) to share data of GST-registered entities with the Reserve Bank of Indias (RBI) Public Tech Platform for Frictionles
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FAQ :
It is a digital ecosystem established by the RBI subsidiary, Reserve Bank Innovation Hub, designed to facilitate the seamless flow of essential data to lenders for informed credit decisions.
GSTN can share details from GST registration applications, outward tax returns, monthly and annual tax returns, and invoice preparations, with the business's consent.
Businesses will need to ensure accurate and timely GST compliance, as their GST filings will be integrated into the credit assessment process, leading to a more comprehensive evaluation of credit risk.
Both lenders and borrowers stand to benefit. Lenders get authenticated sales and purchase data for better risk assessment, while borrowers can experience faster and more efficient credit access.
The primary goal is to leverage technology to enhance financial inclusion and access to credit by streamlining the exchange of information between GST-registered businesses and lenders.
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