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Proposed Payment Process

Dated:- 19-12-2015 - PRESENTATION PLAN Broad Features Tax Types & Modes of Payment Stakeholders Basic Features Workflow for Payment under various Modes Features of Accounting Process Proposed Accounting system Banking arrangements Reconciliation of receipts Redressal of grievances BROAD FEATURES Electronic payment process- no generation of paper at any stage Single point interface for challan generation- GSTN Ease of payment three modes including CC/DC & NEFT/RTGS Common challan form wit .....

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cases only STAKEHOLDERS Taxpayer GSTN (Goods and Service Tax Network) Authorized banks one e- FPB (Electronic Focal Point Branch) for each bank (in Mode I & II) to maintain government account and report all receipts all branches for receiving Over the Counter Payments one or more front end service branch …. STAKEHOLDERS All Banks- for NEFT/RTGS Mode of payment Reserve Bank of India e- FPB (in Mode III) Aggregator for accountal & reconciliation of receipts Accounting Authorities of .....

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r types of taxes Challan once generated to be valid for 7 days Time of payment: from 0000 hrs. to 2000 hrs. Proposed workflow of RBI s e-Kuber model to be followed for payment, accounting and reconciliation: Accounting Authorities to interact directly with RBI & not with Authorized banks in case of discrepancies found during reconciliation System of electronic Personal Ledger Account (cash ledger) on GSTN for each taxpayer (20 pages) One e-FPB per Authorized Bank (in Mode I & II) / RBI ( .....

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orized bank (or their SPVs) in case of CC/DC Credit Card proposed to be used by taxpayer to be registered at GSTN - as an additional safety check to eliminate the issue of charge back GSTN to direct the taxpayer to the website of selected bank/payment gateway Alongside, GSTN to forward an electronic string to the selected bank carrying specified details of challan on real time basis Taxpayer to make payment using the USER ID & Password provided by his bank On successful completion of transac .....

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type of tax For cheque payment, name of authorized bank & its location to be mandatorily filled in challan On real time basis, GSTN to share challan details with Core Banking System (CBS) of the selected authorized Bank Taxpayer to approach the branch of the authorized bank for payment of taxes along with the instrument or cash In case of cash / same bank instrument a unique transaction number (BTR/BRN) will be generated immediately by the authorized bank s system and given to taxpayer Auth .....

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nt of cheque immediately Upon realization of cheque, issuance of BTR / BTN GSTN to credit the Taxpayer s Ledger WORK FLOW FOR PAYMENT UNDER MODE -III…. Payment through NEFT/RTGS from any bank To be made operational after a pilot run by RBI For taxpayers: not having a bank account in any of the Authorized Banks having a bank account in any of the Authorized Banks No limit on amount to be paid through this mode Payments to be collected by RBI directly RBI to perform the role of e-FPB also C .....

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erred by bank to the designated account of the government in RBI along with challan details and a Unique Transaction Reference (UTR) Number RBI to validate payments against each challan with UTR received from remitter bank RBI to report receipt of payment to GSTN (CIN) on real time basis through an electronic string with specified details GSTN to credit the Taxpayer s ledger FEATURES OF ACCOUNTING PROCESS…. Authorized Banks to send list of CIN-wise details (electronic luggage file) for ea .....

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o send reconciled data (challan data from Authorized Banks and e-scroll from RBI) to Accounting Authorities at EOD For any discrepancy noticed, accounting authority to generate a Memorandum of Error (MOE) & send to RBI RBI to resolve the discrepancy in consultation with the Authorized Bank RBI to report the corrected data to respective Accounting Authority & GSTN Taxpayers Master data to be provided by Tax Authorities to Accounting Authorities for mapping of payment details jurisdiction .....

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