BANKING ARRANGEMENTS UNDER GST

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....oss all states. This can be a super set consisting of existing authorized banks of the Central Government and all State Governments and Union Territories. A list of banks that have been presently authorized either by the Centre or State Tax Authorities has been provided by RBI and the same is enclosed as Annexure-VI. It is recommended that all these banks may be considered for authorization in the GST regime in consultation with the Department of Financial Services. 82. Only those banks should be accredited who refine their IT systems to handle GST remittances in a seamless manner obviating need for manual intervention for data entry, funds flow and exchange of data. 83. It is also noted that a participating bank in the current contex....

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....system should not require any post-event data entry at any stage. d) The data entry at any stage of the process should be limited to the operations performed at the bank's end. e) The data received from GSTN portal should not require any fresh data entry and should not be open for modification. f) There should be functional integration with GSTN portal and banks for both modes. g) The IT system should have the ability to receive challan data and to communicate successful remittances on real time basis to GSTN portal for both modes. h) The collation of data and reporting to GSTN portal and to RBI should be system based and not require manual operations. i) The standards of communication p....

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....x accounts should be by the IT system itself as per the mandate contained in the Challan data received from GSTN and not require manual intervention. p) In addition to tax specific 39 accounts (for CGST, IGST, Additional Tax and SGST account for each State / UT Government), a common pooled account for cheque/Draft and CC/DC payments should be set up and operated by e-FPB ( but not required by those banks who can credit the amount 'on the fly'). q) As a part of the daily consolidated but transaction level report of successful receipts in each government account to RBI, there should be an assurance that all transactions credited to respective CGST, IGST, Additional Tax and SGST Accounts are being reported to RBI and no balan....