What is E-FPB under GST tax system in India?
The full form of E-FPB is Electronic Focal Point Branch.
These are branches of authorized banks which are authorized to collect payment of GST. Each authorized bank will nominate only one branch as its E-FPB for pan India Transactions. The E-FPB will have to open accounts under each major head for all governments. Total 38 accounts (one each for CGST, IGST and one each for SGST for each State/UT Govt.) will have to be opened. Any amount received by such E-FPB towards GST will be credited to the appropriate account held by such E-FPB. For NEFT/RTGS Transactions, RBI will act as E-FPB.
This posts explains about EFPB under GSTY tax payment system in India. If you are interested to add more information about EFPB and GST payment in India, share below:
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