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Notification No. 33/2023 – Central Tax: Account Aggregator

by | Jan 13, 2024 | GST, 2023 Notifications, Central Tax 2023 Notifications, Notifications | 0 comments

Notification No. 33/2023 – Central Tax Account Aggregator

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Important Keywords: Notification No. 33/2023 – Central Tax, Account Aggregator, Section 158A CGST, F. No. CBIC-20006/20/2023-GST, Section 20 IGST, Section 45JA RBI Act 1934,

Words: 340; Read time: 2 minutes.

[F. No. CBIC-20006/20/2023-GST]
GOVERNMENT OF INDIA
MINISTRY OF FINANCE
(DEPARTMENT OF REVENUE)
CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS

New Delhi, dated the 31st July, 2023

Notification No. 33/2023 – Central Tax: Seeks to notify “Account Aggregator” as the systems with which information may be shared by the common portal under section 158A of the CGST Act, 2017.

GST: [TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB- SECTION (i)]

G.S.R  (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 “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).

2. This notification shall come into force with effect from the 1st day of October, 2023.

Explanation: 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.

(Alok Kumar)
Director

Frequently Asked Questions (FAQs)

  1. What is Notification No. 33/2023 – Central Tax?

    Notification No. 33/2023 – Central Tax is a directive that designates “Account Aggregator” as a system with which information can be shared via the common portal under section 158A of the CGST Act, 2017.

  2. How does the Account Aggregator function under Notification No. 33/2023 – Central Tax?

    The Account Aggregator serves as a mechanism to securely collate and share financial information across various platforms, facilitating compliance and data accessibility as outlined in Notification No. 33/2023.

  3. Why is the common portal important in relation to Notification No. 33/2023 – Central Tax?

    The common portal is essential as it acts as the primary interface for taxpayers to share their data through the Account Aggregator, ensuring ease of access and streamlined processes under section 158A of the CGST Act.

  4. What are the benefits of using an Account Aggregator as per Notification No. 33/2023 – Central Tax?

    Using an Account Aggregator enhances data transparency, reduces compliance burdens, and promotes efficient information sharing, benefiting both taxpayers and the tax administration.

  5. Can taxpayers choose not to use the Account Aggregator outlined in Notification No. 33/2023 – Central Tax?

    While taxpayers are encouraged to utilise the Account Aggregator for efficient data sharing, opting out is generally possible, though it may complicate compliance as outlined in section 158A of the CGST Act.

  6. How does Notification No. 33/2023 – Central Tax enhance data security?

    Notification No. 33/2023 – Central Tax promotes data security by establishing a regulated framework for information sharing through the Account Aggregator, ensuring that sensitive financial data is managed securely.

  7. What should taxpayers do to comply with Notification No. 33/2023 – Central Tax?

    Taxpayers should ensure that they are registered with the Account Aggregator and familiarise themselves with the procedures for sharing information via the common portal in accordance with section 158A of the CGST Act.

  8. Is there any deadline for compliance with Notification No. 33/2023 – Central Tax?

    Yes, taxpayers should keep an eye on specific timelines set by tax authorities regarding the implementation of the Account Aggregator system as per Notification No. 33/2023 – Central Tax.

  9. How can businesses benefit from the changes introduced by Notification No. 33/2023 – Central Tax?

    Businesses can benefit from improved data integration, reduced administrative costs, and enhanced compliance efficiency through the streamlined processes enabled by the Account Aggregator system.

  10. Where can I find more information on Notification No. 33/2023 – Central Tax and Account Aggregators?

    Additional information can be found on the official GST portal, relevant tax authority websites, or by consulting with tax professionals, ensuring you stay updated on section 158A of the CGST Act and its implications.

The above content & below document is sourced from: https://taxinformation.cbic.gov.in/

Notification No. 33 2023 – Central Tax Account AggregatorDownload

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