Proposed Payment Process
GST
Dated:- 19-12-2015
PROPOSED PAYMENT PROCESS
\nPRESENTATION PLAN
\n * Broad Features
\n * Tax Types & Modes of Payment
\n * Stakeholders
\n * Basic Features
\n * Workflow for Payment under various Modes
\n * Features of Accounting Process
\n * Proposed Accounting system
\n * Banking arrangements
\n * Reconciliation of receipts
\n * Redressal of grievances
\nBROAD FEATURES
\n * Electronic payment process- no generation of paper at any stage
\n * Single point interface for challan generation- GSTN
\n * Ease of payment three modes including CC\/DC & NEFT\/RTGS
\n * Common challan form with auto-population features
\n * Use of single challan and single payment instrument
\n * Common set of authorized banks
\n * Payment through any bank
\n * Common Accounting Codes
\nTAX TYPES & MODES OF PAYMENT
\n * Under GST, 4 types <\/p>\n
= = = = = = = =<\/p>\n
Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n tronically generated Challan from GSTN for all 3 modes containing a unique 14-digit Common Portal Identification Number (CPIN) for each challan = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n \n * Alongside, GSTN to forward an electronic string to the selected bank carrying specified details of challan on real time basis = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n of BTR \/ BTN = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n s = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n of only system generated challans – no re-digitization by any actor in the entire work flow = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n","protected":false},"excerpt":{"rendered":" Proposed Payment Process GSTDated:- 19-12-2015PROPOSED 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 … Continue reading “Proposed Payment Process”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-67856","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/67856","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=67856"}],"version-history":[{"count":0,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/67856\/revisions"}],"wp:attachment":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=67856"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=67856"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=67856"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
For full text:-Visit the Source <\/a><\/p>\n
\n * Challan can be generated by
\n * Taxpayer
\n * His authorized representative
\n * Departmental officers
\n * Any other person paying on behalf of taxpayer
\n * Certain key details like name, address, email, GSTIN of payer to be auto-populated
\n * Single challan \/ instrument for payment of all four types of taxes
\n * Challan once generated to be valid for 7 days
\n * Time of payment: from 0000 hrs. to 2000 hrs.
\n * Proposed workflow of RBI's e-Kuber model to be followed for payment, accounting and reconciliation:
\n * Accounting Authorities to interact directly with RBI & not with Authorized banks in case of discrepancies found during reconciliation
\n * System of electronic Personal Ledger Account (cash ledger) on GSTN for each taxpayer<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\n * Taxpayer to make payment using the USER ID & Password provided by his bank
\n * On successful completion of transaction, e-FPB of bank to forward a confirmation electronic string (CIN) to GSTN on real time basis
\n * GSTN to credit the Taxpayer's ledger
\n * Copy of paid Challan to be available on GSTN for taxpayer (downloadable\/printable)
\nWORK FLOW FOR PAYMENT UNDER MODE -II ….
\nOver the Counter Payment:
\n * For small taxpayers for making payment upto Rs. 10,000\/- per challan – by cash \/ DD \/ cheque drawn on same bank or on another bank in the same city
\n * Tax payer to tender only one instrument to pay one or more type of tax
\n * For cheque payment, name of authorized bank & its location to be mandatorily filled in challan
\n * On real time basis, GSTN to share challan details with Core Banking System (CBS) of the selected authorized B<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\n * GSTN to credit the Taxpayer's Ledger
\nWORK FLOW FOR PAYMENT UNDER MODE -III….
\nPayment through NEFT\/RTGS from any bank
\n * To be made operational after a pilot run by RBI
\n * For taxpayers:
\n * not having a bank account in any of the Authorized Banks
\n * having a bank account in any of the Authorized Banks
\n * No limit on amount to be paid through this mode
\n * Payments to be collected by RBI directly
\n * RBI to perform the role of e-FPB also
\n * Challan and NEFT\/RTGS mandate form generated on GSTN
\n * NEFT\/RTGS mandate form to have validity period of CPIN printed on it
\n * In challan, the field for name of Authorized Bank to be auto-populated as RBI
\n * NEFT\/RTGS mandate form will have certain information auto-populated:
\n * CPIN in “Account Name” field
\n * 'GST Payment' in “Sender to Receiver Information” field
\n * Taxpayer to print a copy of Challan and NEFT\/RTGS mandate for<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\n * RBI to send digitally signed one e-scroll for each type of Tax (CGST, IGST, AT & SGST) per day (39) to Accounting Authorities of Central Government and State Governments & GSTN on T+1 basis
\n * GSTN to send reconciled data (challan data from Authorized Banks and e-scroll from RBI) to Accounting Authorities at EOD
\n * For any discrepancy noticed, accounting authority to generate a Memorandum of Error (MOE) & send to RBI
\n * RBI to resolve the discrepancy in consultation with the Authorized Bank
\n * RBI to report the corrected data to respective Accounting Authority & GSTN
\n * Taxpayers Master data to be provided by Tax Authorities to Accounting Authorities for mapping of payment details jurisdiction wise
\nPROPOSED ACCOUNTING SYSTEM
\n * Four different Major Heads of accounts to be opened for each tax along with underlying Minor Heads to account for various taxes & other recei<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\n * CPIN to be generated by GSTN to be used as a key identifier up till receipt of payment by Bank
\n * CIN (actual indicator of receipt of payment) to be generated by collecting Bank to be used as a key identifier thereafter for accounting, reconciliation, etc.
\n * Accounting Authorities to play a paramount role in reconciliation –
\n * Accounting on the basis of RBI data
\n * Reconciliation on the basis of GSTN and bank data
\nGRIEVANCE REDRESSAL
\n * In OTC mode if cash ledger of taxpayer not credited within three days- approach bank where instrument presented
\n * In RTGS\/NEFT mode if cash ledger of taxpayer not credited within three days- approach bank where taxpayer's account is
\n * Each e-FPB required to have front end service branch to resolve payment related issues
\n=============
\nDocument 1PAYMENT IN E-MODE
\n1
\nDoc<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n