GST UPDATE

Desk of CA. Praveen Sharma

Series- 431

GSTN to go live on the Account Aggregator ecosystem before July 1, 2023

1- RBI included GSTN as a financial information provider under the account aggregator framework to facilitate cash flow-based lending to MSMEs.

2- The AA system started off with eight of India’s largest banks including the State Bank of India, ICICI Bank, HDFC Bank among others joining the network. 

3- Currently, the taxpayer has to physically provide the GST details which is a longer process. Using the account aggregator with a single click and an OTP onboarding, all his GST details are directly downloaded to the lending institution, which means there is total transparency and is straight from the source.

Stay tuned and Save my number for any query +91-9871530610.

CA. Praveen Sharma

Twitter: https://twitter.com/capraveensh