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
Notification on Account Aggregator Systems under Section 158A of the Central Goods and Services Tax Act, 2017
The Government of India, through the Ministry of Finance's Department of Revenue and the Central Board of Indirect Taxes and Customs, has issued Notification No. 33/2023 – Central Tax. This notification, dated July 31, 2023, is made under the authority of Section 158A of the Central Goods and Services Tax Act, 2017, and Section 20 of the Integrated Goods and Services Tax Act, 2017. It specifies that "Account Aggregators" are now recognized as systems with which information can be shared by the common portal, provided there is consent under Section 158A of the Central Goods and Services Tax Act, 2017. This notification will take effect from October 1, 2023.
For clarity, the notification explains that an "Account Aggregator" is a type of non-financial banking company. These companies perform their activities based on policy directions from the Reserve Bank of India, as outlined in Section 45JA of the Reserve Bank of India Act, 1934. They are further defined in the Non-Banking Financial Company - Account Aggregator (Reserve Bank) Directions, 2016. Essentially, these aggregators will help facilitate the sharing of information between systems, enhancing the efficiency and transparency of data management within the GST framework.
Note: It is an AI generated summary for reference purpose only.
GOVERNMENT OF INDIA
MINISTRY OF FINANCE
(DEPARTMENT OF REVENUE)
CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS
NOTIFICATION No. 33/2023 – Central Tax
New Delhi, dated the 31st July, 2023
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.
