The Reserve Bank of India has included the Goods and Service Tax Network (GSTN) as a financial information provider under the account aggregator framework.
It was decided to include the Goods and Services Tax Network (GSTN) as a Financial Information Provider (FIP) under the Account Aggregator (AA) framework in order to facilitate cash flow-based lending to the Ministry of Micro, Small, and Medium Enterprises (MSMEs).
GST returns filed in GSTR-1 and GSTR-3B will be treated as financial data.
GSTR-1 is a monthly or quarterly return that summarises a taxpayer's sales (outward supplies).
Form GSTR-3B is a simplified summary return, and the purpose of the return is for taxpayers to declare their summary GST liabilities for a particular tax period and discharge these liabilities. A normal taxpayer is required to file Form GSTR-3B returns for every tax period.