Transaction-level payment recording requires transmission of unique payment identifiers to ensure treasury credit and reconciliation. After reconciliation and accounting, accounting authorities must communicate transaction level payment data to the tax department so each receipt record ... Summary
Transaction-level payment recording requires transmission of unique payment identifiers to ensure treasury credit and reconciliation.
After reconciliation and accounting, accounting authorities must communicate transaction level payment data to the tax department so each receipt record contains five identifiers-CIN, GSTIN, Bank Transaction Number, RBI Transaction Number, and an Accounting Entry ID/confirmation flag-whose combined presence assures credit to the government account with the central bank and reconciliation in government accounting.
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