GST to ease loan access for millions of firms: Nandan Nilekani

The new unified taxation system will bring in millions of unorganised businesses on one platform

The implementation of Goods and Services Tax (GST) should drive nearly seven million small businesses to the formal digital economy and help them get easy access to loans, said Nandan Nilekani, the technology entrepreneur and co-founder of Infosys who was tapped by the government to run an ambitious identity-recognition programme, on Friday. 

The new unified taxation system, which is scheduled to be implemented later this year, will bring in millions of unorganised businesses on one platform. This would effectively, Nilekani believes, help them get loans using digitalised data.  

   

Nilekani pointed out, though the country has over 60 million businesses, fewer