Goods and Service Tax Network included as a Financial Information Provider under Account Aggregator Framework

The Reserve Bank of India (RBI) has issued Notification regarding the Inclusion of the Goods and Service Tax Network (GSTN) as a Financial Information Provider under the Account Aggregator Framework.

When a person has an account with one financial institution, they can use an Account Aggregator (AA), a type of RBI-regulated entity (with an NBFC-AA licence), to securely access and share information with any other regulated financial institution in the AA network.

The RBI Notification Stated, “Please refer to the Master Direction – Non-Banking Financial Company – Account Aggregator (Reserve Bank) Directions, 2016 dated September 02, 2016.”

“With a view to facilitate cash flow-based lending to MSMEs, it has been decided to include Goods and Services Tax Network (GSTN) as a Financial Information Provider (FIP) under the Account Aggregator (AA) framework. Department of Revenue shall be the regulator of GSTN for this specific purpose and Goods and Services Tax (GST) Returns, viz. Form GSTR-1 and Form GSTR-3B, shall be the Financial Information.

Accordingly, the select instructions contained in the Master Direction referred to above have been amended.”

Banks, non-banking financial institutions, asset management firms, depository institutions, depository participants, insurance firms, and pension funds are all on the list of financial information providers.

GSTN, the technology backbone of GST, has 1.40 crore registered taxpayers.

For Official Notification Download PDF Given Below: