The details of NEFT or RTGS form for GST payment

The details of NEFT or RTGS form for GST payment

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The details of NEFT or RTGS form for GST paymentThe following details will be available in the NEFT / RTGS mandate form:

a) Beneficiary IFSC : IFSC of RBI hosting the NEFT / RTGS account for GST;

b) Beneficiary Account Number : Account Number of RBI’s pooled account for GST;

c) Account Name : CPIN of relevant challan (suitable validation to be provided by RBI);

d) Total Amount;

e) Sender to Receiver Remarks: GST Payment.

The form will have a provision to write the NEFT/RTGS charges manually and then record the total amount to be collected by the bank (sum of challan amount and charges). The entire NEFT/RTGS form will be auto-populated except the part relating to the charges.

Thereafter taxpayer can print a copy of NEFT / RTGS mandate form and approach his bank branch (any bank) for payment of taxes (within a period of seven days of the generation of CPIN, so that when the amount is received by RBI, the CPIN is still valid.) The payments in this mode would be permitted only against cheques and no cash payments would be permitted to initiate NEFT / RTGS transaction. NEFT/RTGS mandate would have validity period of CPIN printed on it. As already mentioned above, there should be a provision in GST law whereby any taxpayer using this mode beyond the validity period (seven days) of the CPIN more than twice would be barred from availing this facility by GSTN.
 

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