Important Keyword: NOTIFICATION No. 06/2024 – Central Tax, Section 158A(2) CGST Act 2017, Section 158A CGST Act 2017, Section 20 IGST Act 2017, Public Tech Platform for Frictionless Credit.
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Table of Contents
NOTIFICATION No. 06/2024 – Central Tax: Seeks to notify “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.
[F. No. CBIC-20001/1/2024-GST]
GOVERNMENT OF INDIA
MINISTRY OF FINANCE
(DEPARTMENT OF REVENUE)
CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS
New Delhi, dated the 22nd February, 2024
NOTIFICATION No. 06/2024 – Central Tax
GST: [TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB- SECTION (ii)]
S.O…(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, conceptualized 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 to 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.
(Raghavendra Pal Singh)
Director
Frequently Asked Questions
What is Notification No. 06/2024 – Central Tax?
Notification No. 06/2024 – Central Tax is an official announcement that designates the “Public Tech Platform for Frictionless Credit” as a system for sharing information from the GST portal, based on user consent in accordance with section 158A(2) of the GST Act.
What does “Public Tech Platform for Frictionless Credit” refer to?
The “Public Tech Platform for Frictionless Credit” is an initiative aimed at facilitating seamless access to credit-related information and services for taxpayers, thereby enhancing transparency and efficiency in the GST ecosystem.
How does this notification affect GST compliance?
This notification enhances GST compliance by enabling the sharing of information between the GST portal and the Public Tech Platform, which can assist taxpayers in accurately managing their tax obligations and accessing necessary credit facilities.
What is the significance of user consent in this notification?
User consent is crucial as it ensures that taxpayers have control over the sharing of their information, promoting data privacy and security while allowing for informed participation in the Frictionless Credit system.
How will the information sharing process work under this notification?
The information sharing process will occur through the GST portal, where taxpayers can grant consent for their data to be shared with the Public Tech Platform, enabling enhanced credit evaluation and access to financial services.
Who can benefit from the Public Tech Platform for Frictionless Credit?
Taxpayers, including small and medium enterprises, can benefit from the Public Tech Platform as it offers easier access to credit and financial services, thus supporting their business growth and compliance efforts.
What are the potential advantages of this system for taxpayers?
The advantages include streamlined access to credit, improved accuracy in GST filings, better financial planning, and the capability to leverage technology for enhanced financial decision-making.
Are there any compliance requirements for taxpayers concerning this notification?
Taxpayers must ensure that they provide informed consent for their information to be shared with the Public Tech Platform and must continue to adhere to all existing GST compliance requirements.
How does this notification align with the government’s digital initiatives?
This notification aligns with the government’s digital initiatives by promoting the use of technology to simplify tax processes, enhance taxpayer services, and ensure efficient information exchange within the GST framework.
Where can taxpayers find more information about Notification No. 06/2024?
Taxpayers can find more information about Notification No. 06/2024 on the official GST portal or through notifications issued by the Central Board of Indirect Taxes and Customs (CBIC).
Download Pdf: https://taxinformation.cbic.gov.in/view-pdf/1010019/ENG/Notifications
