Background:
Earlier, the 50th Meeting of the GST Council was held on July 11, 2023 in New Delhi, wherein it was recommended to insert Rule 163 in the CGST Rules to provide for manner and conditions of consent-based sharing of information of registered persons available on the common portal with other systems.
Further, a recommendation was made to issue notification under Section 158A of the CGST Act for notifying ‘Account Aggregators’ as the systems with which information is to be shared by the common portal.
Notification:
Now, the CBIC vide Notification No. 33/2023- Central Tax dated July 31, 2023, and based on the Council’s recommendations, notified “Account Aggregator” as the systems with which the common portal may share information based on consent under Section 158A of the CGST Act, 2017
Effect of the Notification:
The CBIC, based on the Council’s recommendation, has designated “Account Aggregator” as the system for sharing information with the common portal under Section 158A of CGST and IGST Act.
This notification shall come into force with effect from the 1st day of October 2023.
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.
The Notification can be accessed at: https://a2z-bucket.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/08/No.-33-2023-Central-Tax-dated-July-31-2023.pdf
(Author can be reached at info@a2ztaxcorp.com)
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