Available data can be used for business growth – Navshakti

The available data can be used for business growth

News Agency / New Delhi
The government is working to change the Goods and Services Tax (GST Act) and the UPI, Aadhaar and similar public platforms and the available data can be used by companies to grow their businesses, said Jayant Sinha, chairman of the Parliamentary Standing Committee on Finance.
UPI and Aadhaar are very important public platforms. There is still much work to be done to maximize the use of these platforms for a commercial leap, Sinha said at a conference organized by Assocham on financing non-bank financial companies and infrastructure projects.
When the Factoring Bill came up for consideration before the Standing Committee on Finance, the government was of the view that non-bank financial companies should be allowed to ‘factorize’ and include them in the service, as well as the potential income of a business. But in doing so, issues related to some key platforms and their data usage issues have not yet been resolved, Sinha said.
Any change requires statutory support through legislation. However, under current law, the use of data under the GSTN (GST Network) computer network is not permitted for any other purpose.
If the GST receipt is to be used for financing through the automated ‘traders’ system, changes in the laws of the state, not just the Center, will be in order, Sinha said.

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