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With a view to facilitate cash flow-based lending to MSMEs, it has been decided to include the Goods and Services Tax Network (GSTN) as a financial information provider (FIP) under the account aggregator framework.
The Department of Revenue shall be the regulator of GSTN for this specific purpose and GST returns, the Reserve Bank of India said on Wednesday.
Panel suggestion
A parliamentary panel had earlier asked the financial sector regulators to encourage and accelerate the adoption of account aggregator standards across all regulated entities with a view of expediting lending to the MSME sector.
The panel had suggested the Department of Revenue and the RBI close out their 2020 discussions with the required technology and regulatory updates to bring GST Identification Number (GSTIN) formally into the account aggregator framework to allow regulated entities to access GST data with individual consent.
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