Goods and Services Tax – GST Dated:- 19-12-2015 – News – PROPOSED PAYMENT PROCESS PRESENTATION PLAN Broad Features Tax Types Modes of Payment Stakeholders Basic Features Workflow for Payment under various Modes Features of Accounting Process Proposed Accounting system Banking arrangements Reconciliation of receipts Redressal of grievances BROAD FEATURES Electronic payment process- no generation of paper at any stage Single point interface for challan generation- GSTN Ease of payment three modes including CC/DC NEFT/RTGS Common challan form with auto-population features Use of single challan and single payment instrument Common set of authorized banks Payment through any bank Common Accounting Codes TAX TYPES MODES OF PAYMENT Under GST, 4 types of Taxes to be paid- CGST, IGST, Additional Tax and SGST Three Modes of Payment Electronic including CC/DC (Mode I)
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hallan Challan can be generated by Taxpayer His authorized representative Departmental officers Any other person paying on behalf of taxpayer Certain key details like name, address, email, GSTIN of payer to be auto-populated Single challan / instrument for payment of all four types of taxes Challan once generated to be valid for 7 days Time of payment: from 0000 hrs. to 2000 hrs. Proposed workflow of RBI s e-Kuber model to be followed for payment, accounting and reconciliation: Accounting Authorities to interact directly with RBI not with Authorized banks in case of discrepancies found during reconciliation System of electronic Personal Ledger Account (cash ledger) on GSTN for each taxpayer (20 pages) One e-FPB per Authorized Bank (in Mode I II) / RBI (in Mode -III) GSTN to be anchor in payment process with responsibility for information flow to various agencies RBI to act as aggregator and ancho
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eal time basis GSTN to credit the Taxpayer s ledger Copy of paid Challan to be available on GSTN for taxpayer (downloadable/printable) WORK FLOW FOR PAYMENT UNDER MODE -II . Over the Counter Payment: For small taxpayers for making payment upto ₹ 10,000/- per challan – by cash / DD / cheque drawn on same bank or on another bank in the same city Tax payer to tender only one instrument to pay one or more type of tax For cheque payment, name of authorized bank its location to be mandatorily filled in challan On real time basis, GSTN to share challan details with Core Banking System (CBS) of the selected authorized Bank Taxpayer to approach the branch of the authorized bank for payment of taxes along with the instrument or cash In case of cash / same bank instrument a unique transaction number (BTR/BRN) will be generated immediately by the authorized bank s system and given to taxpayer Authorized bank to send receipt infor
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RBI directly RBI to perform the role of e-FPB also Challan and NEFT/RTGS mandate form generated on GSTN NEFT/RTGS mandate form to have validity period of CPIN printed on it In challan, the field for name of Authorized Bank to be auto-populated as RBI NEFT/RTGS mandate form will have certain information auto-populated: CPIN in Account Name field GST Payment in Sender to Receiver Information field Taxpayer to print a copy of Challan and NEFT/RTGS mandate form from GSTN approach his bank for payment Amount indicated for remittance to be transferred by bank to the designated account of the government in RBI along with challan details and a Unique Transaction Reference (UTR) Number RBI to validate payments against each challan with UTR received from remitter bank RBI to report receipt of payment to GSTN (CIN) on real time basis through an electronic string with specified details GSTN to credit t
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ccounting Authority GSTN Taxpayers Master data to be provided by Tax Authorities to Accounting Authorities for mapping of payment details jurisdiction wise PROPOSED ACCOUNTING SYSTEM Four different Major Heads of accounts to be opened for each tax along with underlying Minor Heads to account for various taxes other receipts like interest, penalty, fees others Standardized uniform Accounting Codes for all taxes under GST regime among Centre, State UTs to facilitate settlement of IGST on the basis of centralized reporting Common Accounting Codes for Centre States BANKING ARRANGEMENTS Common set of Authorized Banks comprising existing authorized banks of the Central Government all State Governments/UTs (presently 26) Certain minimum standards to be met by banks to become authorized banks A system of penalty/incentive proposed for reporting of error free data Payments through
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