GST

Banks integrating systems with RBI, GST Network to collect tax-FM

Banks are integrating their information technology system with RBI and GST Network as they prepare to handle tax deposits under the new indirect tax regime, Finance Minister Arun Jaitley said on Tuesday.

Detailed protocols for integration of the banks' IT system with RBI and GST portal of Goods and Services Tax Network have been prepared and finalised by RBI and the Goods and Services Tax Network (GSTN), respectively, in consultation with the Government of India, he said.

"The public and private sector banks are readying themselves to handle collection of taxes under the GST regime and remitting it to the government account with RBI," Jaitley said in a written reply to a question in the Rajya Sabha.

The banks are developing and making necessary changes in their information technology system for integration with RBI and GSTN portal, he added.

Under the GST regime, individuals and entities can pay taxes online using debit or credit cards or any electronic, mode of payment, including NEFT, RTGS.

A new and simpler portal www.gst.gov.in that will enable easy filing of returns and tax payments has already gone live. A provisional identification number called GSTIN is being generated for the existing excise and sales tax assessees. Registrations of new assessees will start from April 2017.

The new indirect tax regime GST  kicks in from April next year.

Source-Business Standard