Fundamental changes GST from existing Tax System

Fundamental changes GST from existing Tax System

What is GST?

GST, Frequently Asked Questions

Following are the fundamental changes from the existing systems:


a) Tax payer will generate the electronic challan, and therefore that challan data can be trusted for its correctness for its contents, as filled in by the taxpayer.


b) The challan thus generated on GSTN portal will provide a unique Id (CPIN) which would be used uptill the time payment has been received by the bank and CIN (CPIN plus Bank Code) has been generated. The said CIN would be used thereafter for accounting, reconciliation, etc.


c) All modes of payment will use the system generated electronic challan and there would not be re-digitization of the challan data, as recorded by the taxpayer, by any agency in their part of the workflow.


d) Any agency handling the payment process will merely add its unique Id and parameter to the basic data received by it from another agency earlier in the work-flow chain, and thereafter pass on the data to the agency next in the chain.


e) RBI will play the role of the aggregator for flow of funds as well as information from the banks.


f) GSTN will have the primary anchor position in the payment process with responsibility for information flow to various agencies whereas RBI will have the primary anchor’s role in relation to funds flow, information flow about receipts and correction of discrepancies noticed during reconciliation process.


g) e-Scroll from RBI will be the basis for accounting, reconciliation and other incidental activities to be carried out by the accounting authorities of both Centre and States.



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