GSTN to share data with RBI’s credit platform

New Delhi: 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’. The move will help entities get loans faster on the basis of shared Goods and Services Tax (GST)-related information.

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. In a notification, the Central Board of Indirect Taxes and Customs (CBIC) has said the Central Government, on the recommendation of the Council, notifies Public Tech Platform for Frictionless Credit as the system with which information may be shared by the common portal based on consent.” The platform has been developed for the operation of a large ecosystem of credit, to ensure access of information from various data sources digitally.