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TMI BlogFEATURES OF GST PAYMENT PROCESSX X X X Extracts X X X X X X X X Extracts X X X X ..... t of tax; * Convenience of making payment online; * Logical tax collection data in electronic format; * Faster remittance of tax revenue to the Government Account; * Paperless transactions; * Speedy Accounting and reporting; * Electronic reconciliation of all receipts; * Simplified procedure for banks; * Warehousing of Digital Challan. 14.2 As provided under Section 49 of the CGST ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sh Ledger by different modes, viz, E-Payment (Internet Banking, Credit Card, Debit Card); Real Time Gross Settlement (RTGS)/National Electronic Fund Transfer (NEFT); Over the Counter Payment in branches of Banks Authorized to accept deposit of GST. 14.3 Payment of taxes by the normal taxpayer is to be done on monthly basis by the 20th of the succeeding month. Cash payments will be first deposited ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... egister (which reflects the total tax liability of a taxpayer (after netting) for the particular month). 14.6 CIN stands for Challan Identification Number. It is a 17-digit number that is 14-digit CPIN plus 3-digit Bank Code. CIN is generated by the authorized banks/Reserve Bank of India (RBI) when payment is actually received by such authorized banks or RBI and credited in the relevant governmen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... person who is not registered under the Act, shall be made on the basis of a Temporary Identification Number generated through the Common Portal. ***************** NOTES:- 1. Inserted by section 115 of The Finance Act (No. 2) Act, 2024 No. 15 of 2024 dated 16.08.2024, Shall come into force w.e.f. 1st day of November, 2024 vide Notification No. 17/20 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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