New Delhi: The government is working to bring about a change in GST Act and other public platforms so that companies can use the data to grow massively in size and scale, Jayant SinhaChairman of Parliament’s Standing Committee on Finance said on Thursday. Sinha, speaking at the ASSOCHAM e-Summit on ‘Non-Banking Finance Companies’, said, “Public platforms like UPI and Aadhaar are very important platforms. Still, for us to leapfrog, we need to do more in terms of public platforms.” Will happen.” and Infrastructure Financing: Transforming the Financial Lending Landscape.
When the factoring bill came to the Standing Committee on Finance, the government was opening up factoring to more NBFCs and enabling more NBFCs to participate.
“But even when we were doing that we weren’t addressing some important platform and data related issues. So we suggested whatever is on.” GST Should also automatically go to TReDS as an invoice. This can then be used to finance the receivables on TReDS and so on.
“So, it was a recommendation of the committee, and I am very happy to inform you that it has been accepted by the government,” Sinha said.
However, he said, any change would require statutory backing through legislation, as GSTN (GST Network) does not enable the use of data within GSTN for any other purpose.
Hence, there is a need to change not only the Central GST Act but all the State GSTN Acts so that GSTN invoices are automatically generated on TReDS or other platforms.
TReDS is a platform that allows discounting of invoices MSME From corporate buyers through multiple financiers.
He said that GST is fast becoming the business backbone of this country, and the government is making all necessary changes that will be required to support businesses.
For India to leapfrog and become a globally competitive economy of $10 trillion size, public platforms as well as private innovations need to work together, he said.
Making public forums frictionless accounts for 10 percent of the story, with 90 percent of the story being held by private players and businesses.
“So, those are the kind of things we are working on right now, and there is a report that we will look to strengthen credit flow to MSMEs, and we would welcome inputs from NBFCs on that…
“There is a need for private sector innovation on top of these public platforms. The good news today is that there is ample capital available. Because of the great exits and tremendous capital that is in the market right now, there is a lot of capital available to support high-quality business,” Sinha said.
When the factoring bill came to the Standing Committee on Finance, the government was opening up factoring to more NBFCs and enabling more NBFCs to participate.
“But even when we were doing that we weren’t addressing some important platform and data related issues. So we suggested whatever is on.” GST Should also automatically go to TReDS as an invoice. This can then be used to finance the receivables on TReDS and so on.
“So, it was a recommendation of the committee, and I am very happy to inform you that it has been accepted by the government,” Sinha said.
However, he said, any change would require statutory backing through legislation, as GSTN (GST Network) does not enable the use of data within GSTN for any other purpose.
Hence, there is a need to change not only the Central GST Act but all the State GSTN Acts so that GSTN invoices are automatically generated on TReDS or other platforms.
TReDS is a platform that allows discounting of invoices MSME From corporate buyers through multiple financiers.
He said that GST is fast becoming the business backbone of this country, and the government is making all necessary changes that will be required to support businesses.
For India to leapfrog and become a globally competitive economy of $10 trillion size, public platforms as well as private innovations need to work together, he said.
Making public forums frictionless accounts for 10 percent of the story, with 90 percent of the story being held by private players and businesses.
“So, those are the kind of things we are working on right now, and there is a report that we will look to strengthen credit flow to MSMEs, and we would welcome inputs from NBFCs on that…
“There is a need for private sector innovation on top of these public platforms. The good news today is that there is ample capital available. Because of the great exits and tremendous capital that is in the market right now, there is a lot of capital available to support high-quality business,” Sinha said.
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