To ensure smooth transactions and prevent any potential financial fraud. The Goods and Services Tax Network has announced a new advisory on April 24, 2023. That is the integration with bank account validation. In this article, we will learn more about the advisory on the GST’s new functionality.
The functionality for validating bank accounts has now been integrated with the GST System, GSTN informed taxpayers that the bank account validation feature was added to make sure the tax payer's provided bank accounts were accurate. As soon as the declared bank account is validated, tax payers will also receive details about its status via registered email and mobile number. Depending on the status of the bank account validation, the taxpayer must then either take the appropriate action or wait. The various bank account validation statuses are as follows:
To verify the validation status of your bank account, follow these easy steps:
i) Log in to the FO portal.
ii) Navigate to the Dashboard.
iii) Click on My Profile.
iv) Select the Bank Account Status tab.
By following these steps, taxpayers can quickly check their bank account validation status and ensure that their financial transactions are processed correctly.
Success
It means the bank account declared with the GST system is successfully validated and correct.
Failure
It means the validation resulted in failure due to
Success with remark
The declared bank has not been integrated into the online payment authority, National Payments Corporation of India (NPCI), for online validation.
Pending for Validation
It means the bank account validation is yet to get completed and is pending.
There is no need for further action.
Finish the KYC process with the appropriate bank for the business account or retry validating the bank account by providing the accurate bank account information.
The account cannot be validated since the bank is not integrated with NPCI for online bank account validation. So taxpayer should Provide alternate bank account details on the GST portal to allow revalidation.
Wait for the account to be validated by the NPCI. As, The timeline for validation is not defined.
Taxpayers can add or delete bank account details at any time, and the new account details will be validated accordingly. The addition of bank account validation functionality to the GST system represents a significant step forward in the field of taxpayer compliance. By providing real-time validation status updates and immediate notifications, the GSTN aims to simplify the filing process and reduce potential errors. This innovation will eventually lead to increased transparency and efficiency in the GST ecosystem, benefiting both taxpayers and tax authorities.
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