Central Govt notifies Account Aggregator as System to Share Information with Common Portal under GST Act w.e.f. 1st October
The Central Government vide notification No. 33/2023 – Central Tax G.S.R. 576(E) issued on 31st July 2023 has notified that on the recommendations of the Council, “Account Aggregator” as the systems with which information may be shared by the common portal with effect from 1st October 2023. The notification states that “In exercise of the powers conferred by section 158A of...
The Central Government vide notification No. 33/2023 – Central Tax G.S.R. 576(E) issued on 31st July 2023 has notified that on the recommendations of the Council, “Account Aggregator” as the systems with which information may be shared by the common portal with effect from 1st October 2023.
The notification states that “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 “Account Aggregator” as the systems with which information may be shared by the common portal based on consent under Section 158A of the Central Goods and Services Tax Act, 2017 (12 of 2017).”
For the purpose of this notification, “Account Aggregator” means a non-financial banking company which undertakes the business of an Account Aggregator in accordance with the policy directions issued by the Reserve Bank of India under section 45JA of the Reserve Bank of India Act, 1934 (2 of 1934) and defined as such in the Non-Banking Financial Company - Account Aggregator (Reserve Bank) Directions, 2016.
An Account Aggregator (AA) is an entity regulated by the Reserve Bank of India (RBI), holding an NBFC-AA license, that facilitates the secure and digital access and sharing of information between a person and their financial institution. Within the AA network, the individual can securely transfer data from one financial institution to another, but only with their explicit consent.
It was already informed that the integration between the Goods and Services Tax Network (GSTN) and the Account Aggregator (AA) system, a platform for sharing financial data, is scheduled to be completed before July 1, 2023.
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