Functions of e FPBs of Banks in GST tax payments

Posted on 22 April 2023 Category : GST terms

Role of E-FPB of Banks in GST tax payments

The details about Functions of e FPBs of Banks in GST tax payments are explained here

There would be a single e-FPB for each Authorized bank for the entire country. It will perform the following role:

Each e-FPB will open a major head wise (CGST, IGST, Additional Tax and SGST) account of each government (total 38 accounts) to which the remittances received by it would be credited. Currently, the Constitutional Amendment Bill states that the Additional Tax will be collected by Centre and assigned to States. If this arrangement is continued, the e-FPB will maintain one account for Additional Tax for Centre. A Committee has been constituted by the EC to examine the operational issue of Additional Tax and if it is decided that this tax will be collected by the respective State Government and retained by them, separate accounts for every State will have to maintained for Additional Tax also, on the lines of SGST;
Sending real time data regarding successful completion of payment transaction by the taxpayer (CIN);
At the end of each day (T+1), each e-FPB will be responsible for preparing daily luggage files Major Head wise (CGST, IGST, Additional Tax and SGST) for each government detailing receipts from all modes of payments on a particular day (including nil payment days) and forwarding it to RBI in the morning. Each luggage file will have a Unique Serial Number which will be a running serial number extending through a financial year which will facilitate identification of missing files. This luggage file number will become part of the electronic file. For operational purposes such as size of the file, it may be broken up into different parts with each part being numbered uniquely and also mentioning the total number of parts of that file;
In the morning of each day (T+1), each e-FPB will also forward the daily luggage file mentioned above to accounting authorities of the Centre and the respective State, in case their accounting authorities so desire, so that they can independently monitor delayed remittances, if any, from the banks to the Government account in RBI;
On the first day of every month, e-FPB will provide Datewise Monthly Statements (DMS) for each tax and government separately to RBI for the preceding month with following details:

i. Name of Tax;

ii. Government Name;

iii. Date wise number of successful transactions and total credit reported to RBI; and

iv. List of discrepancies remaining unresolved at the end of the report month (MOE UIN, CIN, BRN, Amount, Nature of discrepancy).

These statements will be simultaneously communicated to the respective Accounting Authorities, if they desire so.
Each authorised bank should have one or more service branch in each State to serve as GST help desk and to receive queries / e mails to resolve the issues from Taxpayers, Tax Authorities and Accounting Authorities.

E-FPB under GST tax system in India

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 post describes about Functions of e FPBs of Banks in GST tax payments. Comment below your thoughts about this post Functions of e FPBs of Banks in GST tax payments.

Learn Exports Imports Free, Click here

Click here to know GST rate of your goods or service

CGST Act Section 33 Amount of tax to be indicated in tax invoice and other documents.

CGST Act Section 34 Credit and debit notes

CGST Act Section 35 Accounts and other records

CGST Act section 36 Period of retention of accounts

CGST Act Section 37 Furnishing details of outward supplies

CGST Act section 38 Furnishing details of inward supplies

CGST Act Section 39 Furnishing of returns

CGST Act section 40 First return

CGST Act section 41 Claim of input tax credit and provisional acceptance thereof

CGST Act Section 42 Matching, reversal and reclaim of input tax credit