Home India Ministry of Finance notification...
Date: 22-Feb-2024 Category: Extra Ordinary State: Union Government Country: India

notification

Issued by Ministry of Finance · Department of Revenue

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Executive Summary & Key Takeaways

Key Changes

  • "Public Tech Platform for Frictionless Credit" is defined as an enterprise-grade open architecture IT platform conceptualized by the Reserve Bank of India (RBI) and developed by the Reserve Bank Innovation Hub.
  • The platform aims to ensure digital access to information from various data sources, allowing financial service providers and data service providers to converge using standard APIs.
  • The Central Government notifies the "Public Tech Platform for Frictionless Credit" under Section 158A of the CGST Act, 2017 and Section 20 of the Integrated Goods and Services Tax (IGST) Act, 2017.

What it means

  • The notification declares "Public Tech Platform for Frictionless Credit" as a system for sharing information on a common portal, based on consent, as per Section 158A of the Central Goods and Services Tax (CGST) Act, 2017.

Impact Analysis

Suggested Action Items

  • Develop or adopt standard APIs for seamless data exchange.

Impact on Financial Institutions

  • Compliance with the platform's protocols and data sharing agreements will be necessary.

Impact on Data Service Providers

  • Data privacy and security will be paramount to maintain trust and comply with regulations.

Impact on Borrowers

  • Data privacy concerns related to sharing information on the platform need to be addressed.

Key Entities Referenced

Central Government: The issuer of the notification, exercising powers conferred by the CGST and IGST Acts. Central Board of Indirect Taxes and Customs (CBIC): The department under the Ministry of Finance responsible for the notification. Council: The recommending body for the notification. Public Tech Platform for Frictionless Credit: An enterprise-grade open architecture information technology platform conceptualized by RBI and developed by Reserve Bank Innovation Hub. Reserve Bank of India (RBI): Conceptualized the Public Tech Platform for Frictionless Credit. Reserve Bank Innovation Hub: A wholly owned subsidiary of RBI that developed the Public Tech Platform for Frictionless Credit. Central Goods and Services Tax Act, 2017 (CGST Act): The primary legislation governing the Goods and Services Tax in India. Integrated Goods and Services Tax Act, 2017 (IGST Act): Legislation governing the Goods and Services Tax on inter-state supplies.
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रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99 सी.जी.-डी.एल.-अ.-22022024-252294 CG-DxLx-xEG-I2D2H0x2x2x0 24-252294 xxxGIDExxx असाधारण EXTRAORDINARY भाग II—खण् ड 3—उप-खण्ड (ii) PART II—Section 3—Sub-section (ii) प्राजधकार स ेप्रकाजित PUBLISHED BY AUTHORITY स.ं 781] नई ददल्ली, बृहस्ट्प जतिार, फरिरी 22, 2024/फाल्ग नु 3, 1945 No. 781] NEW DELHI, THURSDAY, FEBRUARY 22, 2024/PHALGUNA 3, 1945 जित्त मत्रं ालय (रािस्ट्ि जिभाग) (केंद्रीय प्रत्यक्ष कर और सीमािल्ु क बोड)ड अजधसचू ना नई ददल्ली, 22 फरिरी, 2024 स.ं 06/2024-केन्द्द्रीय कर का.आ. 818(अ).—केंद्रीय सरकार, केंद्रीय माल और सेिा कर अजधजनयम, 2017 (2017 का 12) की धारा 158क और एकीकृत माल और सेिा कर अजधजनयम, 2017 (2017 का 13) की धारा 20 द्वारा प्रदत्त िजियों का प्रयोग करते हुए, पररषद ् की जसफाररिों पर “पजललक टेक प्लेटफामड फार दिक्िनलैस क्रैजडट” को ऐसी प्रणाली के रूप म ें अजधसूजचत करती ह,ै जिसके साथ केंद्रीय माल और सेिा कर अजधजनयम, 2017 (2017 का 12) की धारा 158क की उपधारा (2) के अधीन सहमजत पर आधाररत सामान्द्य पोटडल पर सूचना को साझा दकया िा सकेगा । स्ट्पष्टीकरण—इस अजधसूचना के प्रयोिन के जलए “पजललक टेक प्लेटफाम ड फार दिक्िनलैस क्रैजडट” से उद्यम श्रणे ी का एक ओपन आर्ककटेचर सूचना प्रौद्योजगकी मंच अजभप्रेत ह,ै जिसकी अिधारणा भारतीय ररििड बकैं द्वारा तारीख 10 अगस्ट्त, 2023 की “जिकासकारी और जिजनयामक नीजतयों पर कथन” पर उसके भाग के रूप में की गई ह ै तथा इसका जिकास उसके पूणड स्ट्िाजमत्िाधीन अनषु ंगी, ररििड बैंक इनोिेिन हब द्वारा प्रत्यय के बृहत िातािरण में उसके प्रचालनों के जलए दकया गया ह,ै जिससे जिजभन्न डाटा स्रोतों से जडिीटल रूप में सूचना तक पहुचं सुजनजित की िा सके और िहां जित्तीय सेिा प्रदाता और बहुल डाटा सेिा प्रदाता मानक और प्रोटोकाल चजलत आर्ककटेक्चर, ओपन और साझा अनप्रु योग कायडक्रम इंटरफेस (एपीआई) िेमिकड का उपयोग करत े दकसी मंच पर जमलत ेहैं, से सूचना तक पहुचं सजु नजित की िा सके । [फा. सं. सीबीआईसी-20001/1/2024-िीएसटी] राघिेन्द्द्र पाल ससह, जनदेिक 1197 GI/2024 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(ii)] MINISTRY OF FINANCE (Department Of Revenue) (CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS) NOTIFICATION New Delhi, the 22nd February, 2024 No. 06/2024 –Central Tax S.O. 818(E).—In exercise of the powers conferred by section 158A of the Central Goods and Services Tax Act, 2017 (12 of 2017) and section 20 of the Integrated Goods and Services Tax Act, 2017 (13 of 2017), the Central Government, on the recommendations of the Council, hereby notifies “Public Tech Platform for Frictionless Credit” as the system with which information may be shared by the common portal based on consent under sub-section (2) of Section 158A of the Central Goods and Services Tax Act, 2017 (12 of 2017). Explanation.— For the purpose of this notification, “Public Tech Platform for Frictionless Credit” means an enterprise-grade open architecture information technology platform, conceptualised by the Reserve Bank of India as part of its “Statement on Developmental and Regulatory Policies” dated the 10th August, 2023 and developed by its wholly owned subsidiary, Reserve Bank Innovation Hub, for the operations of a large ecosystem of credit, to ensure access of information from various data sources digitally and where the financial service providers and multiple data service providers converge on the platform using standard and protocol driven architecture, open and shared Application Programming Interface (API) framework. [F. No. CBIC-20001/1/2024-GST] RAGHAVENDRA PAL SINGH, Director Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064 and Published by the Controller of Publications, Delhi-110054.

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