It has been decided to add the Goods and Services Tax Network (GSTN) as a Financial Information Provider (FIP) under the Account Aggregator (AA) framework in order to promote cash flow-based lending to MSMEs.
Following the announcement and government directive, businesses with annual revenues of more than Rs. 5 Cr. and Rs. 10 Cr. must now adapt their internal systems to the GST e-invoicing procedure.