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TMI BlogPAYMENT THROUGH NEFT/RTGS FROM ANY BANK (INCLUDING OTHER THAN AUTHORIZED BANKS)X X X X Extracts X X X X X X X X Extracts X X X X ..... being tested in Karnataka and this experience would be further used for developing this mode of payment. NEFT / RTGS mandate would have the same validity period of seven days as the CPIN and the date upto which it would remain valid would be printed on it. The Committee observed that in this mode of payment, it would not be possible to automatically ensure that a CPIN was not used beyond its validity period of 7 days. It was decided that CPIN once generated and intimated by GSTN to RBI in this mode though will have a validity period of 7 days but would remain live with RBI for a period of 30 days. In case the payment is received after the expiry of the said 30 days, RBI would return the amount to the remitter bank. Beside this, it was also decided that there should be a provision in the GST law whereby any taxpayer using this mode beyond the validity period (seven days) of the CPIN more than two times would be barred by GSTN from availing this mode of payment. 54. Although the process under this mode will be more or less similar to the OTC payment discussed earlier in paras 32-52 above, but due to involvement of a new stakeholder i.e. a non-authorized bank, certain modifications ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 57. Upon successful saving of the challan details, the challan will be available on the dashboard of the taxpayer in downloadable / printable form. So the taxpayer can either download the challan form or print it offline or can print the challan directly from GSTN. 58. Besides the generation of challan, GSTN will also generate NEFT / RTGS mandate form in prescribed format. The CPIN generated at the portal shall be incorporated in NEFT/RTGS mandate form in Account Name field. RBI would provide for suitable validations for this field. The Sender to Receiver field shall carry the entry GST Payment . In case of NEFT / RTGS payments, there shall also be a disclaimer on the challan copy and the mandate form that the payment through NEFT / RTGS is a transaction between the tax payer and his bank and the payment will be deemed to be received by the government only when the amount is credited to the designated account in RBI. The payments in this mode would be permitted only against cheques and no cash payments would be permitted to initiate NEFT / RTGS transaction for the reasons mentioned in Para 67 below. 59. The following details will be available in the NEFT / RTGS mandat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ided by the remitter bank for NEFT / RTGS transaction. An alternate SMS based facility for such updating by the tax payer (instead of internet based) may be established by GSTN to facilitate those taxpayers who do not have an internet access. On receipt of the transaction number, GSTN will communicate this Unique Transaction Reference (UTR) (for the corresponding CPIN) also to RBI on real time basis. 64. Once the RBI receives the payment in its account with NEFT/RTGS message, it will link up the payment with the CPIN earlier received from GSTN and report the transaction to GSTN on real time basis through an electronic string which will contain the following details: a) CIN (CPIN and Bank Code of RBI); b) GSTIN; c) Challan Amount; d) BRN of RBI; e) Unique Transaction Reference (UTR); f) Time of Payment; g) Date of Payment. 65. Upon receipt of the electronic string regarding successful completion of the transaction by GSTN, the tax paid challan will be credited to the cash ledger of the taxpayer. The GSTN will thereafter lock the CIN so that it cannot be used again. 66. As recommended in para 58 above, the Mode III may be implemented with arrangement of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s prepared, whichever is earlier. Such credit in the pooled account should be with a CPIN mis-match flag that a secondary level matching needs to be carried out before scroll is generated on T+1 basis. Once UTR is provided by GSTN, the secondary matching of all such transactions remaining in the pooled account should be carried out. If a transaction can now be linked to the correct challan, the respective Tax accounts should be credited with generation of CIN and BRNs. There should be a validation in RBI system that all the transactions with CPIN mis-match and date value T=0 in the pooled account are subjected to secondary level matching before generation of scroll for all taxes. 70. If the matching based on CPIN and UTR NEFT / RTGS transaction number UTR both fails, the entire receipt should be credited to CGST account with a CPIN mis-match flag so that the Accounting Authorities of Government of India can account such amount under a separate suspense sub-head (possibly receipts awaiting transfer i.e. RAT). 71. In all such cases of CGST credits with CPIN mis-match , the tax payer will not get a confirmation SMS from GSTN and his ledger will not reflect the payment. He ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he following functions: a) RBI will receive and validate the NEFT/RTGS transaction against the Challan details received by it; b) RBI would communicate the receipt of payment (CIN) to GSTN on real time basis; c) On first day of every month, RBI as e-FPB will provide Datewise Monthly Statements (DMS) for each tax and government separately to the concerned wing of RBI for the preceding month with following details: i) Name of Tax; ii) Government Name; iii) Date wise number of successful transactions and total credit reported to RBI; and iv) List of discrepancies remaining unresolved at the end of the report month (MOE UIN, CIN, BRN, Amount, Nature of discrepancy). These statements will be simultaneously communicated to accounting authorities of the Centre and the respective States in case their accounting authorities so desire. d) RBI will also be responsible for incorporating these payment details in their daily master scroll generated by them as an aggregator for amounts received through Mode I and II. - - statute, statutory provisions legislation, law, enactment, Acts, Rules, Regulations, Taxation Tax Management India - taxmanagementindia - taxmanage ..... X X X X Extracts X X X X X X X X Extracts X X X X
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