This articles covers the latest gst updates summary February 2024. It contains all the Notifications and Circulars issued in February 2024 which covers all GST Updates February 2024. All these amendments have been presented hear topic wise and reference of relevant latest gst notifications and latest gst circulars have been given at bottom of each topic. As well as, I have given our own analysis wherever it is necessary.

Introduction of Innovative Public Tech Platform for Frictionless Credit

This notification is essentially saying that the Central Government, based on recommendations,

has approved a system called the “Public Tech Platform for Frictionless Credit.” This system is meant for sharing information through a common portal with consent, as outlined in specific sections of the Central Goods and Services Tax Act, 2017.

Now, what exactly is this “Public Tech Platform for Frictionless Credit”? It’s a fancy term for a high-quality digital platform designed to make getting credit easier. Imagine it as a super advanced online system created by the Reserve Bank of India and developed by its subsidiary. This platform aims to streamline the process of accessing credit-related information from different sources digitally.

Instead of dealing with a bunch of different systems, this platform brings together financial institutions and various data providers into one digital space. It does this by using a standardized and protocol-driven setup, along with an open and shared system for software connections called the Application Programming Interface (API) framework.

In simpler terms, it’s like a central hub where banks, lenders, and other financial service providers can quickly and securely access the information they need to make decisions about giving out loans or credit. It’s all about making the process smoother and more efficient for everyone involved.

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