Hich Will Fast Track Priority Sector Lending For Banks And Empower Msmes To Review Improve Their Business Performance Get Access Timely Credit Quot The Gst Framework Isa Treasure Trove Of Transactions Data Is Now Beginning Drive Financial Institutions 39 Decisions News Today : Breaking News, Live Updates & Top Stories | Vimarsana
Mumbai (Maharashtra) [India], December 30 (ANI/NewsVoir): The Government of India collected Rs 1.52 trillion as goods and services tax (GST) in October, reporting a 16.6 per cent year-on-year increase, driven by festive spending, better compliance, and higher tax rates. This collection is expected to increase further and exceed FY23 budget estimates by Rs 1.3-1.4 trillion. Amidst this, Jocata launched its proprietary AI/ML-based risk and business intelligence score, SME DNA, which will fast-track priority sector lending for banks and empower MSMEs to review and improve their business performance and get access to timely credit. "The GST framework is a treasure trove of business transactions data and is now beginning to drive financial institutions' lending decisions, especially to MSMEs," said Prashant Muddu, CEO & MD, Jocata, a B2B digital lending and compliance fintech. SME DNA comes at a time when there is a growing demand for GST-based analytics. A strong regulato