Bank authorization standards: banks must meet IT, audit and operational criteria to process GST remittances seamlessly and securely. Authorization should be limited to banks that meet minimum requirements ensuring end to end, automated handling of GST remittances with real time integration with the GSTN portal. Requirements include a centralized application for internet and OTC modes, no process flow discontinuities, no post event data entry, immutable challan data, system based reporting to GSTN and RBI, adherence to communication standards, upfront and periodic IT audits, designation of electronic focal point branches for backend operations, operation of dedicated tax accounts, and inbuilt legal validations for collections.
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Bank authorization standards: banks must meet IT, audit and operational criteria to process GST remittances seamlessly and securely.
Authorization should be limited to banks that meet minimum requirements ensuring end to end, automated handling of GST remittances with real time integration with the GSTN portal. Requirements include a centralized application for internet and OTC modes, no process flow discontinuities, no post event data entry, immutable challan data, system based reporting to GSTN and RBI, adherence to communication standards, upfront and periodic IT audits, designation of electronic focal point branches for backend operations, operation of dedicated tax accounts, and inbuilt legal validations for collections.
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