New Delhi: The government works to bring change in GST laws and other public platforms so that companies can use data to grow large in size and scale, Jayant Sinha, Chair, Committee permanent Parliament on Thursday.
“Public platforms such as UPI and Aadhaar are very important platforms.
Even then, for us to jump, we have to do more in terms of public platforms,” ​​said Sinha while speaking at Assocham e-summit on ‘non-banking financing companies’ & Infrastructure Financing: Changing the Landscape of the Financial Loan ‘.
When the factoring bills came to the permanent committee on finance, the government opened the factoring to more non-banking financial companies and allowed more NBFC to participate in it.
“But even when we do that, we don’t discuss some important platforms and data related problems.
That is why we suggest that whatever is on the GST as an invoice must automatically go to the Treds too.
Then it can be used on the Tred.
To finance accounts receivable and so on.
“So, it is a recommendation from the committee, and I am very happy to tell you that it is accepted by the government,” said Sinha.
However, he said, every change will need legal support through the law.
Because GSTN (GST Network) Does not allow the use of data in GSTN for other purposes.
So, there is a need to change not only the GST Central Action but all GSTN countries act to allow GSTN invoices to automatically proceed to other Treds or platforms, he added.
Treds are platforms that facilitate invoice discounts for MSMEs from corporate buyers through various investors.
He said GST quickly became a waiting bone commercial ng of this country, and the government does all the CH needed.
Anges who will be asked to support business.
For India to jump over and become a global competitive economy with a size of $ 10 trillion, public platforms, and personal innovation, need to work together, he said.
While making the public platform without friction is 10 percent of the story, 90 percent of this story lies in players and personal businesses to innovate.
“So, it is the type of thing we are working on at this time, and there are reports that we will extinguish the strengthening of credit flow to MSMEs, and we will welcome the input from NBFC about it …” Private sector innovation is required on this public platform.
Today’s good news is that there are many capital available.
Because out of extraordinary and extraordinary capital we have on the market today, there are many capital available to support high-quality businesses, “Sinha said.