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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>India's GST System to Include Banks Meeting IT Standards for Seamless Tax Collection and Real-Time Data Communication</h1> Central and State governments in India currently use public and private sector banks for tax collection, excluding non-scheduled and cooperative banks. Under the GST regime, a unified list of authorized banks should be established, including those that meet specific IT and operational standards to handle GST transactions seamlessly. These banks must support both internet and over-the-counter (OTC) modes, ensure real-time data communication with the GSTN portal, and comply with RBI's communication standards. They should also have designated branches for backend operations and GST helpdesks. Minimum requirements and audit protocols for these banks are outlined to ensure efficient tax receipt management.
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