Mechanism of GST payment between GSTN and bank


Mechanism of GST payment between GSTN and bank



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Mechanism of GST payment between GSTN and bankThe bank will inform GSTN on real time basis in two stages. First when an instrument is given OTC. At this stage the Authorized bank will forward an electronic string to GSTN which will contain the following details:

 

a) CPIN;

 

b) GSTIN;

 

c) Challan Amount;

 

d) Bank’s acknowledgement number.

 

On receipt of the above first message, GSTN should send a SMS to the tax payer, in addition to showing the status of the payment on its portal as subject to realization.

 

The bank’s system would send a second message to GSTN once the cheque is realized, the total amount is credited first to GST pool account and thereafter the funds are credited to the respective tax accounts as per CPIN data (as stated in para 34 above, GST pool accounts are not required to be maintained by those banks who can credit the amount in the respective tax accounts ‘on the fly’). On the day of realization, it will become a successful transaction to be reported to RBI on T+1 (T = 0 being day of realization). After the successful completion of transaction, the second acknowledgement will have the same details as mentioned in para 46 above with three additional details:

 

a) CIN;

 

b) Date of Realization of Cheque;

 

c) Time of realization of cheque;

 

d) Bank Transaction Number (BRN/BTN).

 

On receipt of the second message, GSTN would send a SMS to the tax payer, in addition to updating the status of the payment on its portal.

 

 

This 2 stage intimation by authorized banks is recommended for the following reasons:

 

a) Keep a watch on delays on the part of authorized banks in realization;

 

b) Maintaining a system based control as all branches of authorized banks will be allowed for OTC.

 

49.  On receipt of the real time information for a successful transaction as per para 41 above (cash, cheque on same bank or DD) or receipt of the second message from Bank as per para 47 above (cheque drawn on another bank), the tax paid challan will be credited to the tax ledger account of the taxpayer. If the OTC payment was subject to realization (para 46), the initial status on the dashboard will state so. If the cheque is dishonoured, the presenting bank should inform GSTN about the fact of dishonour and same will be informed by GSTN to taxpayer and reflected on his dashboard.
 

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