Reserve Bank of India vide its Circular dated 23rd November, 2022 and, with a view to facilitate cash flow-based lending to MSMEs, has 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.
In the Master Direction- Non-Banking Financial Company – Account Aggregator (Reserve Bank) Directions, 2016 dated September 02, 2016, the following amendments have been made:
| In paragraph 3(1)(ix), after clause (r), the following clause shall be inserted: (s) Goods and Services Tax (GST) Returns, viz., Form GSTR-1 and Form GSTR-3B” and extant clause (s) shall be renumbered as (t); In paragraph 3(1)(x), the following term shall be added at the end of the paragraph: “Department of Revenue, Ministry of Finance”; .3. In paragraph 3(1)(xi), the following term shall be added after the term, pension fund: “Goods and Services Tax Network (GSTN)”. |
This Circular is applicable to all Regulated Entities of the Bank and shall come into force with immediate effect.
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