GST Portal to share data with RBI’s frictionless credit platform
1.The government has permitted GST Network to share data about GST-registered businesses, based on their consent, with the Reserve Bank’s ‘Public Tech Platform for Frictionless Credit’.
2. The move will help entities get loans faster on the basis of shared Goods and Services Tax (GST)-related information.
3. An expert said with appropriate consent from the supplier/recipient, GSTN is empowered to disclose specific details submitted in the GST registration application, along with data from outward tax returns, monthly and annual tax returns, and invoice preparations.
4. GST filings will become a crucial factor for businesses seeking to obtain credit and leverage government-sponsored credit programmes in future, he added.
5. “This arrangement ensures that borrowers cannot withhold any transactional information provided to lenders or the government portal. It enhances credit efficiency by minimising costs and the time required for processing.
6. The platform, created by the Reserve Bank of India (RBI) subsidiary Reserve Bank Innovation Hub, is intended to enable seamless flow of necessary information to lenders to help in disbursing credit.
