GST Notification – 06/2024:

In a pivotal move, the Central Board of Direct Taxes (CBDT) has issued a notification designating the “”Public Tech Platform for Frictionless Credit”” as the authorized system for information sharing through a common portal, subject to individual consent as per sub-section (2) of Section 158A of the Central Goods and Services Tax Act, 2017 (12 of 2017). This notification signifies a paradigm shift in the financial landscape, enabling seamless collaboration among diverse entities within the credit ecosystem.

The “”Public Tech Platform for Frictionless Credit”” is an advanced enterprise-grade open architecture information technology platform, conceived by the Reserve Bank of India in alignment with its “”Statement on Developmental and Regulatory Policies”” dated August 10, 2023. Developed under the aegis of the Reserve Bank Innovation Hub, this platform is tailored to operate within the expansive credit ecosystem.