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BANKING ARRANGEMENTS UNDER GST

Para 7 - Draft-Bills-Reports - Business Processes for GST - Payment - Goods and Services Tax - Para 7 - : 80. At present Central Government and each State Finance Department prescribes banking arrangements for collection of government taxes. At present, Central and State governments utilize the services of Public Sector Banks/ Other Public Sector Banks (IDBI)/ Private Sector Banks (ICICI Bank, Axis Bank, HDFC Bank) for tax collection. The committee was informed that Non-Scheduled and Cooperative .....

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banks may be considered for authorization in the GST regime in consultation with the Department of Financial Services. 82. Only those banks should be accredited who refine their IT systems to handle GST remittances in a seamless manner obviating need for manual intervention for data entry, funds flow and exchange of data. 83. It is also noted that a participating bank in the current context has limited mandate for tax receipts as compared to that of an authorized bank. The mandate of participati .....

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lowed to accept GST receipts through OTC mode envisaged in this report. 84. Out of the superset of existing authorized banks and participating banks only those banks should be authorized to accept GST receipts who meet the minimum requirements suggested below. The objective of these minimum requirements is to ensure that a bank has the capability to handle GST receipts in a seamless manner in a consistent and error free manner underpinned by a robust IT system with no process flow discontinuitie .....

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ations performed at the bank s end. e) The data received from GSTN portal should not require any fresh data entry and should not be open for modification. f) There should be functional integration with GSTN portal and banks for both modes. g) The IT system should have the ability to receive challan data and to communicate successful remittances on real time basis to GSTN portal for both modes. h) The collation of data and reporting to GSTN portal and to RBI should be system based and not require .....

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try should be established / designated as the e-FPB (Electronic Focal Point Branches) to handle all backend operations of GST receipts including operation of 39 tax accounts, data collation, reporting and reconciliation with RBI / GSTN / Accounting Authorities. l) In addition, one or more branch of the concerned authorized bank in each State Capital should serve as GST helpdesk (Refer Para 27 above). m) Three separate tax accounts for Government of India (one each for CGST, IGST and Additional T .....

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