Introduction:

In a bid to enhance the ease of doing business for taxpayers registered under the Goods and Services Tax (GST), a recent advisory has introduced two new payment methods under the e-payment system. This article serves as a detailed guide on utilizing Credit Card (CC), Debit Card (DC), and Unified Payments Interface (UPI) for seamless transactions.

Expanding Payment Options:

To cater to the diverse needs of GST taxpayers, two additional payment methods have been integrated into the e-payment system. Alongside the existing net-banking option, taxpayers can now conveniently utilize Credit Card (CC) and Debit Card (DC), including popular cards such as Mastercard, Visa, RuPay, and Diners (CC only, issued by any Indian bank).

Universal Accessibility through Kotak Mahindra Bank:

One notable feature of this new payment system is its compatibility with Kotak Mahindra Bank, allowing users to make payments using CC/DC issued by any Indian bank. While Kotak Mahindra Bank has already integrated this feature, other banks are currently in the process of joining this initiative. Presently, this enhanced payment facility is available in 10 states, and the remaining states are expected to integrate soon.

Quick Steps for Seamless Transactions:

For those eager to embrace the convenience of CC, DC, and UPI payments, the process is designed to be user-friendly. Here are the quick steps to navigate through the new payment options:

1. Select Payment Method: Choose the desired payment method – Credit Card (CC), Debit Card (DC), or Unified Payments Interface (UPI).

2. Card Options: If opting for cards, choose from a range of widely accepted options – Mastercard, Visa, RuPay, or Diners (CC only, issued by any Indian bank).

3. Bank Independence: Irrespective of the bank that issued your Credit Card or Debit Card, payments can be seamlessly processed through Kotak Mahindra Bank. Other banks are in the integration process.

4. Availability Across States: While the enhanced payment facility is currently operational in 10 states, it’s anticipated that all states will soon adopt this advanced system for the convenience of GST taxpayers.

Conclusion:

This advisory signifies a significant stride in making the payment process more versatile and accessible for GST taxpayers. With the introduction of Credit Card (CC), Debit Card (DC), and Unified Payments Interface (UPI) options, the e-payment system aims to provide a hassle-free experience. Keep an eye on further updates as more states join this initiative, ensuring a uniform and user-friendly payment experience for all GST taxpayers.

Embrace the future of GST payments – quick, secure, and tailored to your preferences.

[For the latest updates and insights on tax matters, stay tuned with us.]

Follow the Steps

Introduction:

As of January 23, 2024, registered taxpayers are reminded of the imperative obligation outlined in Rule 10A of the Central Goods and Services Tax Rules, 2017, regarding the submission of bank account details. This advisory serves to highlight the significance of complying with the specified timelines and the potential consequences for non-compliance.

Submission Deadline and Legal Requirement:

All registered taxpayers are mandated by the CGST Act, 2017, and the corresponding Rules to furnish their bank account details within 30 days from the date of registration or before the due date of filing GSTR-1/IFF, whichever occurs earlier. Failure to adhere to this requirement may lead to disruptions in business activities and the subsequent suspension of GSTIN.

Immediate Action Required:

Taxpayers who have not yet provided their bank account details are strongly advised to do so promptly, especially if the 30-day period is approaching expiration. Taking immediate action will prevent any potential disruptions in business operations and safeguard against the suspension of GSTIN.

Upcoming Functionality Features:

A new functionality is in development, poised to be deployed in the near future, with features aimed at streamlining the process:

1. Consequences of Non-Compliance:
2. a) Taxpayer Registration Suspension: After 30 days, non-compliance will result in the suspension of taxpayer registration, with intimation in FORM REG-31 issued accordingly.
3. b) Debarment from GSTR-1/IFF Filing: Non-compliant taxpayers will be debarred from filing any further GSTR-1/IFF.

2. Revocation Mechanism:

– If taxpayers update their bank account details in response to the FORM REG-31 intimation, the suspension will be automatically revoked.

3. Cancellation Process:

– Failure to update bank account details even after 30 days of FORM REG-31 issuance may lead to the initiation of the cancellation process for the suspended registration by the Officer.

Urgent Call to Action:

Registered taxpayers are urged to take immediate action, providing the necessary bank account information to avoid adverse consequences. Timely compliance will ensure the uninterrupted continuation of business operations.

Conclusion:

In conclusion, adherence to the mandatory submission of bank account details is not just a legal requirement but a crucial step in ensuring the smooth functioning of your business. The upcoming functionality, along with its consequences for non-compliance, underscores the gravity of this advisory. Team GSTN extends its appreciation to all taxpayers for their cooperation in maintaining a transparent and compliant tax environment.

Thanking you,

Team GSTN

Keywords: Bank Account Details Submission, Rule 10A Compliance, GSTIN Registration Suspension

Source: https://www.gst.gov.in/newsandupdates/read/623