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RBI brings GSTN under account aggregator framework

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RBI brings GSTN under account aggregator framework.

Reserve Bank of India has included the Goods and Service Tax Network (GSTN) as a financial information provider under the account aggregator framework.

The decision was taken in a bid to include the Goods and Services Tax Network (GSTN) as a Financial Information Provider (FIP) under the Account Aggregator (AA) framework in order to facilitate cash flow-based lending to the Ministry of Micro, Small, and Medium Enterprises (MSMEs).

According to the media reports, GST returns filed in GSTR-1 and GSTR-3B will be treated as financial data.

GSTR-1 is a monthly or quarterly return that summarises a taxpayer’s sales (outward supplies).

Form GSTR-3B is a simplified summary return, and the purpose of the return is for taxpayers to declare their summary GST liabilities for a particular tax period and discharge these liabilities. A normal taxpayer is required to file Form GSTR-3B returns for every tax period.

RBI in a press statement said, “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.”

In a bid to adjust the GST, the RBI is likely to add new clauses to three paragraphs under Section 3 of the Master Direction– Non-Banking Financial Company– Account Aggregator (Reserve Bank) Directions, 2016.

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