Mechanism of GST payment between GSTN and bank
What is Goods and Service Tax (GST)
GST, frequently asked Questions
The 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.
Click here to know GST rate on Goods and Services
GST Exemption list of goods and services
Find HSN number or Service tariff code for GST
GST registration guidelines
Indian GST Laws
How to export your goods?
Modes of payment for GST payments
GST payment through Internet Banking
How to pay GST through NEFT RTGS
GST collection Banks
How to pay GST tax through Bank?
Cash, Cheques or DD payment under GST, Goods and Service Tax
GST payments, list of Banks authorised in Centre and States
GST payment errors between GSTN and RBI
Double payment error in GST tax payments
Challan Format of GST Tax payment
GST Tax payment, error in Total amount, How to solve?
GST Tax payment error in major head, how to solve?
GST Tax payment error in GSTIN
GST tax paid but no SMS confirmation or credit in ledger
Error in GST receipts under transaction reported to RBI
GST tax accounting code for CGST,SGST,IGST and Additional Tax
Details of Challan for GST Tax payment
How many major heads of accounts in GST Tax
GST Payment across departmental counter
Co-ordination of GSTN with RBI on GST payments
The details of NEFT or RTGS form for GST payment
GST Payment through NEFT/RTGS from any bank (including other than authorized banks)
GST payments of Cheque or DD from another bank
GST payment by Cash and same bank Cheque or DD
Validity period of Challan under GST tax payments
How many copies of challans for GST tax payment?
How does Bank work on GST tax payment?
How to pay GST tax through Bank?
Cash, Cheques or DD payment under GST, Goods and Service Tax
GST tax payment through Bank counter
Procedures of GST payment through Internet Banking
Modes of GST payment
How to fill GST tax challan online?
GST tax payment through internet banking, debit card, credit card and authorized banks
e-Kuber System payment for GST
Types of Challan in GST payments
How to export your product?
How to import your product?
Click here to know HS code of your product
12 Major risks and solutions in Imports and Exports
Bank Pre shipment Finance to exporters
Export Promotion Councils and Commodity Boards, product wise
MEIS scheme for Indian Exporters
Mode of payments in international trade
Conditions of Bank to provide Export Packing Credit to Sub-Suppliers
Packing credit pre shipment finance to suppliers for exports through other export agencies
Is ON BOARD CERTIFICATE required for LC negotiation
What is VACIS exam in US import customs clearance
When can an exporter release bill of lading from shipping company?
How does Wire transfer work in international business?
Import of Textile and Textile Articles
Rules to import Man-made staple fibers
How to import Knitted fabrics or Crocheted fabrics
How is assessable value calculated by customs for imports?
Difference between general dry container and half height container
Tips to import Vegetable Textile fibers, Yarns
How to import Man made filaments, yarns
How is IGM filed under high sea sale?
Transferability of Bill of Lading
How to book empty container for factory/CFS/ICD/port stuffing
How to calculate CBM in LCL export shipments:
Is THC same in all ports
KINDS OF LOSSES in Marine Insurance
Types of Export Containers
Dimension of Cargo Containers
Switch BL
TYPES OF MARINE INSURANCE POLICIES Withdrawn CVD exemption on portable X-ray machine / system, Budget 2014
12 Major risks and solutions in Imports and Exports
Know the term Port of Discharge and Place of Delivery
MSDS Material Safety Data Sheet
Multiple Country Textile Declaration
Negotiation procedures and formalities of export bills
Material used for testing is eligible for Modvat
Mode of payments in international trade
What is VACIS exam in US import customs clearance
When can an exporter release bill of lading from shipping company?
Procedures for Re-imports
Procedures to claim brand rate of draw back
Introduction to this web site.
Is Airway bill a documents of title?
Sea carriers
What is the difference between BAF and CAF
Stuffing and De stuffing – 2 regular terms used in shipping
Surrender of Bill of Lading – Some facts