The Goods and Services Tax Network (GSTN), which is the technology interface between government and taxpayers, is due to be integrated with the country’s ambitious financial data sharing network — Account Aggregator—before July 1, according to top officials overseeing the process.
This can significantly reduce friction in credit disbursement as it will enable small businesses to authorise lenders to access their tax records along with other financial information on a single platform.
The Account Aggregator system is part of the array of Digital Public Infrastructure (DPI) that India has launched in recent years including others such as the Unified Payments Interface (UPI). It has been linked to more than 75 lakh bank accounts since its launch in September 2021, according to BG Mahesh, co-founder, and CEO of Sahamati, the non-profit that is promoting Account Aggregator.
Read more at : THE ECONOMIC TIMES