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RECONCILIATION OF RECEIPTS

Para 10 - Draft-Bills-Reports - Business Processes for GST - Payment - Goods and Services Tax - Para 10 - : 97. Well-developed and stabilized IT systems without manual process discontinuities in banks, RBI and common portal should eliminate/reduce possibilities of errors. However, there may still be reconciliation challenges arising due to errors encountered during the stabilization phase of the IT systems of the stakeholders and their mutual functional integration. Even in the post stabilizatio .....

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vernment. This shift is aimed at establishing a convenient, consistent and efficient payment process for the tax payers as well as for the 37 governments simultaneously. This shift is possible in view of current IT capabilities in the eco-system and the experience gained in various systems for payments to the governments. 99. 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 c .....

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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 .....

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